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The Weekly Brief

Contributor Global Markets Insights Strategy Team

Investors have been looking closely at the Chinese economy for signs that the recent stimulus will take hold and support global growth.

Following a rebound in the March manufacturing Purchasing Managers’ Index, there was further positive news regarding activity in China. Real GDP growth for the first quarter came in at 6.4% year on year, while retail sales and industrial production for March also beat expectations. This set of data serves as evidence that the stimulative policy shift from the Chinese authorities is starting to filter through to the real economy. While the magnitude of stimulus is not likely to be as large as in previous years, it is encouraging that the measures so far are helping the domestic economy. This could also be positive for the European economy, which had been hurt by the intentional slowdown in China, as it could now benefit from this rebound.

China stimulus appears to be feeding through to the economy

% change year on year, industrial production is a 3-month moving average

Source: NBS, Refinitiv Datastream, J.P. Morgan Asset Management. Data as of 19 April 2019.

The Weekly Brief (22 April 2019)

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