Daily Note- Broader Markets

sensex-flat-broader-markets-outperformSummary:

  • China transition to consumer economy working
  • US: Strong US retail sales
  • Growth of non-store retailers rapid

 

Good Morning,

The outlook for China remains murky and mixed. The attempted transition to a consumer economy is working but not at the pace officials hoped for. April retail sales rose 10.1% y/y, which is a good pace almost anywhere, but fell short of the 10.5% expected.

Other parts of the economy are also underperforming with industrial production up 6.0% y/y compared to 6.5% expected and fixed investment up 10.5% y/y compared to the +10.9% consensus. Overall, the numbers aren’t enough to raise fresh worried but they won’t spark enthusiasm either.

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GlobalMacro360 Daliy Note 16th May 2016-2

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