MARKET

>>>

Bonds issued by Chinese property developers continue to plunge on Friday amid growing market concerns about mortgage defaults.

China’s electricity generation reached 709 billion kWh in June, a rise of 1.5% from a year earlier, compared to 3.3% drop in the previous month, according to data from the National Bureau of Statistics. Average daily electricity consumption was 23.6 billion kWh in June.

Shares of Chinese automaker BYD Company stage a strong rally on stronger-than-expected first-half earnings. Its Shenzhen-listed shares surged more than 7% to 346 yuan per share and Hong Kong-listed shares jumped nearly 5% to HK$296.8 in the morning session on Friday.

China’s crude oil output reached 17.19 million tonnes in June, up 3.6% from a year earlier, in line with the growth in May, according to data released by the National Bureau of Statistics.

Chinese property developers’ total funding reached 7.68 trillion yuan in the first half of the year, sliding 25.3% from the same period last year, according to data released by the National Bureau of Statistics,

China’s property sales by floor area reached 689.2 million square meters in the first half of the year, sliding 22.2% from a year earlier, compared to 23.6% drop for the first five months, according to the National Bureau of Statistics.

China’s real estate investment declined by 5.4% year over year in the first half of 2022, compared to the 4% drop for the first five months of the year, according to the data released by the National Bureau of Statistics.

China’s fixed-asset investment grew by 6.1% y/y in the first half of the year, according to data released by the National Bureau of Statistics, compared to expected 5.9% growth and the 6.2% gain for the first five months of the year.

China’s industrial output grew 3.9% in June from a year ago, according to data released by the National Bureau of Statistics, compared to expected 4.5% growth and the 0.7% growth in the previous month.

China’s retail sales grew 3.1% in June from a year ago, said the National Bureau of Statistics, compared to expected 0.5% drop and the 6.7% fall in the previous month.

China’s GDP grew 0.4% in Q2 from a year earlier, according to data released by the National Bureau of Statistics, slowing sharply from 4.8% growth in the previous quarter. That missed expectation for 1% growth by analysts in a Reuters poll.