Dollar Holds Steady as Markets Shift Focus to 2026 Rate Cut Expectations 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
U.S. Futures Steady as Rate-Cut Bets Rise on Soft Labor Data 
Oil Prices Rise as Ukraine Targets Russian Energy Infrastructure 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Oil Prices Hold Steady as Ukraine Tensions and Fed Cut Expectations Support Market 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
IMF Deputy Dan Katz Visits China as Key Economic Review Nears 
Spain’s Industrial Output Records Steady Growth in October Amid Revised September Figures 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
With China’s gross domestic product (GDP) having expanded 6.2 percent on a year-to-date basis in Q3, it is expected that the economy will maintain full year growth at 6.0 percent in 2019, unless GDP growth falls below 5.5 percent y/y (or 1.0 percent q/q) in Q4, according to the latest report from ANZ Research.
In nominal terms, China’s GDP growth has retreated to 7.6 percent y/y in Q3 from 8.3 percent in Q2, signalling that the economy is slowing at a quicker pace than what the headline figure indicates.
"We also notice that China’s industrial production (IP) data tend to rise at quarter-ends in 2019. For instance, the headline growth rates rose 1.4ppt in September, and 1.3ppt in June," the report further commented.
The increase in retail sales in September does not point to a broad-based recovery in consumption. To further support economic growth, fiscal policy is the only viable tool. However, Chinese policymakers will also need to address existing funding constraints faced by local governments.
The increase in retail sales in September does not point to a broad-based recovery in consumption. The acceleration of retail sales growth was mainly due to a smaller contraction in auto sales, which fell 2.2 percent y/y in September compared with -8.1 percent prior.
Meanwhile, the annual issuance of special local government bonds, which are important funding sources for infrastructure investment, had been completed in September and almost 90 percent of it has been utilised, according to the government, ANZ added in the report.
