China's housing market and manufacturing disappoint, while retail sales show slight improvement.

From Business Insider: 2024-06-17 11:35:12

China’s housing market continues to decline in May as manufacturing disappoints expectations. The real estate sector sees declines in investment and home prices, while industrial output gains 5.6%, missing projections. Retail sales perform better than expected, but consumers remain hesitant to spend. Beijing may boost consumer demand to meet growth targets.

The People’s Bank of China keeps key interest rates steady, supporting the yuan amid pressure from the Federal Reserve. China’s retail sales pick up in May but remain below pre-pandemic levels. The country relaxes mortgage rules and urges local governments to purchase unsold homes to stabilize the housing market and business environment.

U.S.-traded China ETFs show mixed performance, with Krane Shares CSI China Internet ETF slipping, iShares MSCI China ETF edging up, and iShares China Large-Cap ETF gaining. Despite efforts to revitalize the troubled property sector, Chinese stocks decline.



Read more at Business Insider: China’s Housing Funk Deepens As Manufacturing Falls Short