China's industrial production came in a tad below expectations in July, growing 6.0 percent on-year, in another sign the mainland's economy is slowing.
Industrial production had been expected to grow 6.10 percent, according to a Reuters poll of 39 analysts, with forecasts ranging from 6.0-6.7 percent. In June, industrial production grew 6.2 percent, according to Reuters.
Retail sales and fixed asset investment also missed expectations slightly.
July retail sales grew a respectable 10.2 percent on year, but that was slightly below expectations of a 10.5 percent increase in a Reuters poll.
Fixed asset investment for the January-to-July period rose 8.1 percent, missing a Reuters forecast for 8.8 percent.
After the data's release, the Australian dollar dropped, falling from around $0.7697 to as low as $0.7667. Australia's economy has long been dependent on China's appetite to import its commodities.
The slew of data offered the latest reading on China's slowing economy, which saw growth decelerate to a 25-year low in 2015, as improvements in consumption failed to offset a marked slowdown in traditional economic drivers.
Earlier this week, China's trade data disappointed, suggesting that the mainland can't expect much of a boost from external demand.
China's exports and imports fell more-than-expected in dollar-denominated terms in July, with exports down 4.4 percent on-year and imports off 12.5 percent in U.S. dollar terms, according to Reuters data. Analysts polled by Reuters had forecast declines of 3.0 percent and 7.0 percent, respectively.
China's statistics bureau said on Friday that the economy remained under downward pressure amid a period of adjustment, according to Reuters. The mainland has been working to transition its economy toward domestic consumption and away from reliance on investment- and manufacturing-led growth.
By: Leslie Shaffer (CNBC).
Photo: The Wall Street Journal.
Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.
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