China: Q4 GDP to slow? - TDS

Analysts at TD Securities suggest that for the China’s Q4 GDP, activity data for Oct/Nov and Dec qtr PMIs were weak, all pointing to slower GDP.

Key Quotes

“Composite manufacturing PMIs slipped to 49.9 while services PMIs were elevated at 53.3. Retail sales/IP momentum points to GDP easing from 6.5% to 6.4%/y (mkt 6.4%/y).”

“Trade is supportive for growth as the slump in imports (-10%/q in nominal terms) outpaced the 2.5%/q fall in exports. Mkt range 6.2%-6.4%.”