Oddbean

Stocks, yuan stutter as China's economy misses the mark ========== China's economy grew by 4.7 percent in the second quarter, missing market estimates. The second-quarter gross domestic product expansion was the slowest in five quarters. Retail sales increased slower than expected and the property sector remains a drag. First-half GDP rose 5 percent, in line with Beijing's annual target. Goldman Sachs cut the forecast for full-year growth to 4.9 percent and called for more stimulus. Raymond Yeung, chief economist for Greater China at ANZ, also lowered his targets to 4.9 percent growth. The People's Bank of China kept the one-year medium-term lending facility rate unchanged at 2.5 percent. Retail sales of cars fell 6.2 percent in June. Industrial output rose 5.3 percent in June. New home prices across China slid 4.5 percent from a year earlier. The urban jobless rate was unchanged at 5 percent. Hong Kong's Hang Seng Index dipped 1.52 percent. The onshore yuan weakened by 42 basis points to 7.2627 per greenback. #China #Economy #Stocks #Yuan #Gdp #Stimulus https://www.thestandard.com.hk/section-news/section/2/264431/Stocks,-yuan-stutter-as-China%27s-economy-misses-the-mark