Today's Chinese economic data was better than expected. Chinese economy expanded 7.0% in the second quarter, beating expectations for a 6.9% growth, after a 7.0% rise in the first quarter.

The weak housing market and industrial production in China weighs on the Chinese economic growth.

Industrial production in China increased 6.8% in May, exceeding expectations for a 6.0% rise, after a 6.1% gain in April.

Retail sales in China increased 10.6% in May, beating forecast of 10.2% gain, after a 10.1% rise in April.