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Morning Bites (part 2)

🏦China’s aggregate financing grew 31% YoY in April to CNY 1.22tn from a low base. However, this figure was 39% below the consensus. At the same time, traditional bank loans gained 11% YoY, also missing the consensus by ~50%, and hitting 6-month lows. China’s economic growth has stumbled in the last month, as indicated by rather soft PMIs data. However, strong liquidity inflows in early-2023 and massive infrastructure projects might trigger a recovery in domestic construction activity, supporting demand for industrial metals. China represents 52% of global steel consumption, as well as 55% and 58% of world copper and aluminium demand, respectively

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