CHINA PRESS: More Provinces See Positive Property Investment Growth
Out of China’s 31 provinces, eight saw positive growth in real-estate investment in the first two months, an increase from four during 2024, Yicai.com reported, noting more than 50% saw declines narrowing. Heilongjiang province's property investment grew by 33.5% y/y in the Jan-Feb period, following the 27.3% and 27.9% drop in 2023 and 2024. Yunnan province fell 0.9%, narrowing from the about 30% drop in the past three years. Nationwide property investment fell 9.8% y/y overall in the first two months, narrowing 0.8 percentage points from 2024.
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EUR: EUR/USD To Fresh February Highs
EUR continues to climb, the pair last near 1.0515/20. DAX futures up around 1%, as markets digest the German election results.
EUR/JPY also higher, back close to 157, with yen underperforming broader USD weakness.
Some EUR/USD resistance levels to be mindful of.
RES 4: 1.0630 High Dec 6
RES 3: 1.0594 Dec 9 ‘24
RES 2: 1.0533 High Jan 27 and a reversal trigger
(we already above the earlier Feb highs (1.0514))
CHINA PRESS: Rail Passengers Up Over Spring Festival
China’s railway services transported 513 million passengers and 415 million tonnes of goods during the 40 day Spring Festival season, a year-on-year increase of 6.1% and 5.4%, a record high, according to data released by the China Railway Group. A total of 3,230 China-Europe trains were operated, an increase of 0.7% year-on-year, while the China-Laos railway transported 642,000 tonnes of cross-border goods, up 8.1% y/y.
CHINA PRESS: China Likely To Set CPI Target Around 2% - Analysts
China’s CPI growth target will likely be around 2% in 2025, down from 3% last year, while maintaining an annual GDP growth target at around 5%, Securities Times reported, citing analysts. Lowering the inflation policy would help build consensus around promoting a price rebound amid weak demand, said Wu Chaoming, chief economist of Chasing Securities, noting the previous CPI target was unchanged since 2004 when authorities tried to prevent prices from rising too quickly. Zhu Baoliang, former chief economist at the State Information Center of China, said a CPI increase should be clearly defined as a major policy target and 5% GDP growth was necessary to address employment issues.
