Equity futures markets (US and Asian) and AUD are sliding off overnight highs amid the worst YoY exports performance in China since October 2009.
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The 3.1% drop (compared to expectations of a 3.7% gain) is the biggest miss in a year and the first negative print since January 2012 - making the second big miss in a row as the 'fake' trade data driven by the shadow-banking-arbitrage is unwound out of historical data.
- *CHINA JAN.-APRIL TRADE DATA REFLECTS ARBITRAGE TRADE: ZHENG
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Notably, related to the CCFD debacle, copper imports fell 20% in H1 2013 compared to H1 2012 - which helped to create another huge miss in China imports data overall (-0.7% vs expectations of a 6.0% jump). It is perhaps no surprise - given the sheer size of these misses, that China Customs officials stated that 'the country faces serious challenges in exports and imports." ?
They blame weak external demand, higher labor costs, and a strong Yuan as the vicious export-driven economy-slowdown drags on industrial production's import demand.
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But:
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- *EXPORT MANAGER INDEX FELL IN JUNE, SIGNALS WEAK 3Q TRADE: ZHENG
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Equity markets are recovering their knee-jerk reaction - as this must be good for moar printing? Though adversely gold is slipping lower.
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but China (and Hong Kong) are not bouncing...
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and AUD is not happy...
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Perhaps - just perhaps - that 3% hard-landing is not as unrealistic as the mainstream seems to think?
Charts: Bloomberg
(3 votes)
Source: http://www.zerohedge.com/news/2013-07-09/chinese-exports-slump-most-2009
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