Saturday, 10 August 2013

Chinese industrial production accelerates, Japan's national debt hits one quadrillion yen

Concerns of a slowdown in China eased further on Friday after a report showed that industrial production rose 9.7 percent in July from a year earlier compared with 8.9 percent in June.

Retail sales rose 13.2 percent in July from a year earlier, slightly down from 13.3 percent in June.

Fixed asset investment increased 20.1 percent in the first seven months of the year compared with the same period in 2012, the same as in the first six months.

Inflation also held steady at 2.7 percent in July, unchanged from the previous month.

Meanwhile, China's credit growth appears to be easing. New local-currency bank loans fell to 699.9 billion yuan in July, down from 860.5 billion yuan in June. Total social financing aggregate fell to 808.8 billion yuan in July from 1.04 trillion yuan the month before.

Elsewhere, Japan's economic data continue to come in weak. A report on Friday showed that the consumer confidence index fell to 43.6 in July from 44.3 in June, its second consecutive decline.

Meanwhile, Japan's debt burden has continued to climb. Another report showed that Japan's national debt hit 1.008 quadrillion yen at the end of June.

In the US, a report on Friday showed that wholesale inventories fell 0.2 percent in June. This was weaker than the government had assumed in its advance estimate of second-quarter gross domestic product released last week, suggesting that growth could be revised downward.

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