China Data Flash

10:00*(CN) CHINA APR INDUSTRIAL PRODUCTION Y/Y: 7.0% V 6.4%E; YTD Y/Y: % V 6.7%E– Source

10:00(CN) China Apr Fixed Assets Urban YTD y/y: 7.0% v 7.4%e– Source

10:00*(CN) CHINA APR RETAIL SALES Y/Y: 9.4% V 10.0%E; YTD Y/Y: % V 9.9%E– Source

A bit of a saw off on the critical CNY data dump with both Retail Sales and Fixed Asset spending missing the mark but Industrial Production surprising to the upside. Since Chin’s new wealth consumer will continue to spend, the IP increase suggests the economy remains steady. But the market was looking for more convincing data; and we’re seeing a bit of wobble on WTI/BCO and commodity markets in general.But given the Lunar New Year holiday effect, we shouldn’t get too much of a negative reaction