China's GDP growth slows to 6% in Q3 while Industrial Production betters estimates, AUD keeps gains
|China's economy slowed sharply in the third quarter, courtesy of the trade tensions with the US, the official data released at 02:00 GMT showed.
The annualized third-quarter gross domestic product (GDP) came in at 6%, missing the forecasted print of 6.1% and down from the preceding quarter's GDP of 6.2%.
However, the Industrial Production rose 5.8% year-on-year in September, beating the forecasted figure of 5% by a big margin. The preceding month's figure has been left unrevised at 4.4%.
Meanwhile, consumer spending, as represented by Retail Sales, rose 7.8% year-on-year in September, as expected.
The AUD/USD pair is holding on to gains despite the dismal GDP reading, possibly due to the bigger-than-expected rebound in the Industrial Production.
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