China’s GDP eases to +6.2% y/y in Q2, retail sales jumps 9.8% y/y (Aussie keeps highs)
|China's YoY GDP figures for the second quarter of 2019 came at +6.2% vs. +6.2% exp and +6.4% previous, with the QoQ reading for Q2 coming in at +1.6% vs. +1.5% exp and +1.4% last.
The Chinese economy grew at the weakest pace in at least 27 years, as demand at home and abroad faltered amid an escalating trade war with the United States, as cited by Reuters.
With regards to retail sales YoY, the number arrived at +9.8% vs. +8.3% exp and +8.6% last, with industrial output YoY at +6.3% and +5.2% exp and +5.0% last. Meanwhile, urban investment YoY stood at +5.8% vs. +5.5% expected and +5.6% last.
The upbeat data served had a positive impact on the Australian Dollar, keeping the AUD/USD pair near multi-day tops of 0.7026.
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