BancaMarch : China is showing signs of stabilising. The battery of indicators published on Friday morning has been favourable, with a rebound in consumption and also in industrial production. In contrast, the real estate market continues to deteriorate.
Starting with consumption, retail sales rebounded more than expected in August, growing at +4.6% year-on-year, above the previous 2.5% and exceeding the +3% forecast. Thus, for the first eight months of the year, retail sales rose 7% year-on-year, confirming that the reopening would support higher consumption.
On the industrial production side, activity also accelerated, growing by 4.5% year-on-year compared to the previous 3.7% and thus exceeding expectations (+3.9% expected).
Less positive are the figures from the real estate sector where new housing prices continue to fall, dropping by -0.29% monthly in August compared to -0.23% previously and thus accumulating three months of consecutive declines.