China’s economy beats forecasts as stimulus offsets trade war damage – business live
Rolling coverage of the latest economic and financial news, including surprisingly strong growth figures from China
- China’s economy boosted by factories and consumers
- Strongest industrial production growth in five years
- Retail sales also beat forecasts
- Analyst: stronger growth than expected
- Coming up: UK inflation and house prices
China’s growth report has helped to push the oil price up to a new high for the year.
Brent crude has hit $72 per barrel for the first time since last November, on expectation of higher demand from Chinese factories.
Brent oil reaches the highest level of 2019 (> USD 72/bbl) after US inventories seems to have dropped unexpectedly. This comes on top of the already positive sentiment based on US/China trade deal hopes and OPEC+ supply cuts.
WTI struggles to move higher…#OOTT #oil #energy pic.twitter.com/OAncz6F6fA
This chart, from Durk Veenstra of RTL news, shows how Chinese industrial output has surged since Beijing ramped up its stimulus measures.