Global Macro Perspectives
The most broad measure of money supply – M2 rose 17.5% y-o-y in April vs. 18.1% rise in March.
Chinese banks issued CNY 682 billion of new loans in April vs. CNY 1,010 billion in March and consensus of CNY 780 billion. New loan issuance first four months this year is 4.9% higher than in first four months 2011.
China retail sales rose 14.1% y-o-y in April vs. 15.2% March reading. Consensus was at 15.1%.
China fixed asset investments were up 20.2% y-o-y in April; March reading was at 20.9%. Consensus was at 20.5%.
Lowest reading since 2002.
Industrial production in China rose 9.3 % y-o-y in April; March reading was at 11.9%. Consensus was at 12.2%.
Another bad piece of data.
China Consumer Price Index was up 3.4% in April, vs. 3.4% consensus and 3.6% March reading. Food inflation rose fell from 7.5 to 7.0%.
China Producer Price Index fell to -0.7% from -0.3% in April. Consensus was at -.5%.
The chart looks outright bad.