by Martin Armstrong
Armstrong Economics
ASIA:
China’s industrial output accelerated the most in eight months in August, while retail sales grew for the first time this year, suggesting the economic recovery is gathering pace as demand starts to improve more broadly from the coronavirus crisis. Industrial output growth quickened to 5.6% in August from a year earlier, the fastest in eight months, data from the National Statistics Bureau showed on Tuesday. Retail sales also beat analysts’ forecast with a 0.5% rise on-year, snapping a seven-month downturn and bettering expectations for zero growth. Auto sales rose 11.8% in August year-on-year while sales of telecoms products jumped 25.1%, the data showed.
India’s government sought parliamentary approval to inject USD 2.72 billion in state-run banks in the current fiscal year, to help lenders mitigate the expected surge in bad loans due to the pandemic.