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Both M1 and M2 growth missed expectations in July, but the former arguably is due a turnaround.
Slowing household demand for credit isn't exactly concerning, as they are still sitting on piles of cash.
Japanese machine tool orders remain solid, indicating that the recovery in global IP is on track.
PPI inflation is proving stubborn, while CPI inflation is just getting started.
Services inflation continues to rise, despite the broadening Delta scare.
Trade figures highlight the "mid-cycle" falter, as exports soften but imports stumble too.
July exports likely weakened, while imports will be boosted by the tail end of commodities inflation.
PPI inflation may not yet have peaked; headline CPI inflation is just about food prices.
M1 growth should now be troughing, but an RRR cut is looking more likely nonetheless.
China's weak July PMIs play into a wider story of underperformance in trade and manufacturing.
The official and Caixin reports are at odds on prices, but we reckon PPI inflation ticked higher in July.
The non-manufacturing gauge suggests that no fis- cal rescue has been forthcoming.
China's PPI inflation is at or near its peak, and CPI inflation remains relatively tame...
... But underlying inflationary pressure is more ad- vanced in China, thanks to the early recovery.
More limited slack means services inflation is on a sustained uptrend.
Sometimes when you put together the Chinese data, it feels like you are drawing from multiple jigsaw puzzles, each with pieces missing.
The PBoC injected RMB 30B through seven-day reverse repos yesterday, breaking with the more than three-month stretch in which the Bank routinely injected just RMB 10B.
Chinese exports have recovered much more quickly than elsewhere, thanks in large part to the still strong command element of the economy.
China's PMIs strongly suggest that supply-side bottlenecks, if anything, are worsening.
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