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China’s data in line with market expectations but tentative signs of momentum losing steam

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Paul-Georges Moucan, Portfolio Manager at hedge fund Quadra Capital Partners, comments on China’s September activity data…

China’s September activity data was largely in line with market expectations but in our view showed tentative signs of momentum losing steam. Low global Chinese demand was a drag but domestic demand was resilient and the fact that the rise in investment was led by property, may raise some concerns. Credit growth was above expectations but remains well below target.

Q3’s resilient growth appears to have been underpinned by post-flood reconstruction, the overheated property market and fading base effects from last year’s stock market bubble

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