Daily Market Color 07/15/2013

Daily Market Color

07/15/2013

Economic Reports & Headlines

The weekend was eventful due to the release of three economic reports from the world’s most populated planet, China. Second quarter GDP in the country increased 7.5% on an annual basis, which was in line with consensus.

Industrial production in China lagged a bit below consensus in June on a yearly basis, 8.9% versus 9.1%.

Retails sales in China were robust and grew more than expected in June, 13.3% versus 12.9%.

Heading over to China’s largest trading partner, the US, retail sales were not as rosy as its economic counterpart. June retail sales in the US grew at a slower rate than expected on a monthly basis, 40bps vs 80bps.

The New York Fed’s Empire State Manufacturing Survey came in better than expected for July, 9.46 Vs 5.00. Any reading above zero indicates an expansion.

Business inventories in the US increased 10 basis points in May on a monthly basis.

New Zealand’s second quarter consumer prices increased less than expected on a quarterly basis, 20bps Vs 30bps.

The Reserve Bank of Australia released minutes from their meeting held earlier in the month. The bank indicated that they have room to cut their key rate if needed, despite the decline of the Australian dollar.