Editor's Note: Below is a chart and brief excerpt from today's Early Look written by our Macro analyst Christian Drake. Click here to learn more.
0 FOR 3 ….
China’s March macro data - which featured marked improvement in Industrial Production, PMI’s, Export Growth, Credit Growth, etc - helped buttress global equities and propel the reflation narrative alongside incrementally dovish global central bank messaging. The early April data, however, suggested that ‘stabilization’ remained decidedly tenuous as export growth reversed course, the trade surplus deteriorated, and credit growth slowed.
That brought us to last night where China went 0 for 3 as Retail Sales growth, Industrial Output growth and Fixed Asset Investment all decelerated while missing estimates across the board.