A Slew of China Economic Data Causes Huge Panic in Asia Markets
The economic data in November has been released in the morning from the National Bureau of Statistics, showing that China has missed expectations on industrial output and retail sales growth.
Asia markets edge lower in the morning session on Friday, December 14, 2018, in fear of a slew of China economic data scheduled to release today. Not long after the opening bell in Asia markets, China reports that its industrial output and retail sales growth for the month of November has missed expectations.
Industrial output in November grew 5.4% from a year ago, lower than the 5.9% analysts in a Reuters poll predicted. Retail sales rose 8.1%, lower than the 8.8% the analysts expected. Meanwhile, fixed asset investment rose 5.9% from January to November, slightly higher than the forecast of 5.8%
At 9:30 in Thailand NIKKEI slumped 2.07%, SSEC plunged 0.59%, HSI fell 1.61%, ASX 200 downed 1.22% and KOSPI stumbled 1.45%
Many economists say the increase of the number in November is mostly due to exporters benefiting from increased orders before the tariffs hit, but the figures are likely to show stress in the months ahead if differences between the two economic superpowers are not resolved.
