China Q4 economic growth data surpassed expectations, coming in at 5.4% y/y, the largest gain in 6 quarters, and cementing a 5% for 2024. 5% is bang on target. There is often scepticism about the veracity of Chinese economic data and after continuing struggle all year to stimulate growth for the GDP to come in on target does have a whiff of suspicion about it. Anyway, the yuan gained after the data.
For December we had very solid beats for retail sales and industrial output data.
As a side note, China posted record production in 2024 for commodities including coal, gas and aluminium.
In property sector news there are reports that the CEO of China Vanke (a prominent property develop) has been detained by authorities. Vanke shares and debt plunged.
There was little news otherwise. Negotiators have reached an agreement on a cease-fire in Gaza, the Israeli parliament will vote on it on Saturday.
USD/JPY dipped to 155.00 but has since bounced back to be near the high of its session range as I update. Other major FX was subdued.
ICYMI - it's a Monday holiday coming up in the US. I've a post above on which markets are closed (stocks and bonds!) and the reduced hours for CME futures trade. Enjoy MLK Day.
Also, for the AUD traders, check out that WPAC post I have linked above. Good stuff from ex-central bank insider.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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