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Risk Appetite Improves On China Data Beats

CHINA DATA

A better than expected Q3 GDP print, +1.3% q/q, versus 0.9% forecast headlined China data outcomes. Q2 was revised down though to 0.5% q/q from 0.8%. Y/Y growth 4.9%, versus 4.5% forecast and 6.3% prior.

  • September activity prints were firmer than forecast, most notably for retail sales (5.5% y/y, 4.9% forecast). IP was 4.5% y/y (4.4% forecast).
  • FAI was slightly weaker at 3.1% ytd y/y, versus 3.2% forecast. Property investment dipping -9.1% (-8.9% forecast), while property sales eased back to -3.2% ytd y/y.
  • The jobless rate fell back to 5.0%, against a 5.0% forecast.
  • The initial market reaction is risk on with G10 currencies recovering against the USD, AUD/USD is back to 0.6370, slightly higher for the session. USD/CNH is back to the low 7.3100 region, while the Hang Seng is in positive territory, +0.20%. US equity futures have also ticked away up recent lows.
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