On the back of one better than expected soft survey PMI print, the world became convinced that as green shoots emerged, China was about to be reborn into magnificent credit-fuelled expansion and would save the world.
Tonight, that narrative died - everything missed expectations:
Retail sales rose just 7.2% (against +8.7% in March) - lowest since May 2003 (the 7.2% year-on-year rise in retail sales is actually weaker than all the estimates. The lowest was 7.5%, and the median was 8.6%)
Industrial Production growth slumped from a hope-filled +6.5% YTD YoY in March to 6.2%.
Fixed Asset Investment slowed to just 6.1% YoY.
Not green shoot-y!
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