NAB – The Morning Call · China’s slowdown gives confidence another blow

China’s slowdown gives confidence another blow

Tuesday 17th August 2021

Markets remain unsure as to the speed of the global recovery, but there’s mounting evidence that the full extent of the rebound will be delayed. That’s obviously the case in Australia, but the US we reported on Friday’s falling consumer sentiment, overnight the Empire State manufacturing index underwhelmed. This will increase the focus on US retail sales today. Overnight, though, the response has been to data from China, where retail sales, industrial production and fixed asset investment – were all weaker than anticipated, with the unemployment rate ticking up a little too. NAB’s Ray Attrill talks through NAB’s revised forecast for China’s growth. Locally the RBA minutes are out today, but they are somewhat out of date, given the change in circumstances.

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