China data show slowing but in line with estimates- 7/14/13

China Q2 GDP growth comes in at 7.5%, matching expectations; industrial output rises 8.9% in June versus 9.2% in May.

China's economy grew 7.5% in the second quarter compared to a year earlier, while industrial production for June rose 8.9% from year-ago levels, slowing from May's 9.2% growth, the National Bureau of Statistics said Monday. The gross domestic product result was down from the first quarter's 7.7% advance, but matched projections from separate Dow Jones Newswires and Reuters surveys of economists. However, the industrial output missed the Reuters projection for a 9.1% gain. June retail sales rose 13.3% on an annual basis, beating May's 12.9% gain. Urban fixed-asset investment -- watched as an indicator of construction spending -- grew an average 20.1% in the January-June period, just short of Reuters' 20.2% projection and down from 20.4% in January-May. Fixed-asset investment is reported on a year-to-date basis. Hong Kong stocks saw a brief spike after the data, with the Hang Seng Index HK:HSI +0.26% rising 0.3% but then easing to the flat line, after having traded 0.2% lower just ahead of the numbers. The Shanghai Composite Index CN:SHCOMP +0.71% sat 0.2% after the number, off its pre-data gain of 0.3%. The Australian dollar AUDUSD +0.27% -- often sensitive to the economic outlook in China, Australia's top trading partner -- slipped to 90.86 U.S. cents from 90.94 cents, but Sydney's benchmark S&P/ASX 200 AU:XJO +0.36% swung to fractional gain compared to a 0.2% loss before the data release.

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