'Anti-Goldilocks' China Data Not Enough To Move Needle
A fractional miss of estimates for GDP growth (printing at +7.6% vs expectations of +7.7%) coupled with a just-as-fractional beat in Retail Sales (+13.7% YoY vs expectations of +13.4%) seems to be the perfect remedy for a global-depression-expecting and/or massive-stimulus-hungry market. GDP growth was its slowest since March 2009 but it appears the 'sell the rumor, buy the news crowd' are disappointed. S&P 500 futures popped a few pts and then faded back - remaining around +3pts for now (and EUR rallied into the number, sold off on the print and is now limping back higher). As we noted earlier, this is not the data you have been looking for - instead focus on hot money flows and the property pop, as the Chinese continue to impress with their 'data' showing the first engineered 'soft-landing' in history.