Analysts at Danske Bank note that China's data disappointed overnight as industrial production growth dropped to a new low at 4.4% y/y (consensus 5.2% y/y, previous 4.8% y/y).

• “Retail sales were also lower than expected at 7.5% y/y (consensus 7.9% y/y, previous 7.6% y/y). It underlines that the world's biggest growth engine continues to see downward pressure on growth.
• China's premier Li Keqiang said in an interview that it is 'very difficult' for China's economy to grow at 6% or more. We expect more stimulus to be announced from China in coming months.”