Asia wrap: China's glass is half empty
|Asia markets continue to trade mixed after China trade data suggested the glass is half empty regarding domestic demand.
China imports -7.9% y/y vs expected -0.2% y/y (prior: -1.4%). There is no way to sugarcoat this one, as it's a colossal miss of epic proportions. Hence the clear read-through is to expect weaker inflation numbers on Thursday as domestic demand remains exceptionally fragmented. And this begs the question, where is the PBOC support?!!!
While the SLOOS is better than expected, the wobbly loan demand details suggest uncertainty remains high regarding the timing of tightening in the current environment.
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