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China July Data Timing Shift Draws Focus on Industrial Output, Retail
China delayed July data to 0700 GMT, coinciding with the stock market close. Industrial output is seen slowing to 4.8% y/y, while retail sales may firm to 1.5% y/y. The timing shift could reduce market disruption.
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China moved its July economic data release to the late afternoon on Thursday, trading the usual pre-market slot for a 0700 GMT print. The timing shift caught the attention of traders in Asia, who had been waiting for the headline numbers on industrial production, retail sales, fixed-asset investment and property prices.
Industrial production is expected to come in at +4.8% year-on-year, down from +5.3% in June. Fixed-asset investment for the first seven months of the year is seen slipping to -6.0% year-on-year from -5.7% in the prior reading. Retail sales offer a firmer forecast at +1.5% year-on-year, up from +1.0% in June, though that improvement likely owes to Beijing's consumer trade-in programmes, analysts said. New bank loan data for July, released alongside the headline figures, will give a cleaner read on domestic demand.