Global News Of Note: Chinese Steel, Aluminum Output Up, But GDP Disappoints

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• According to Reuters, China’s primary aluminum output increased 2.9 percent to 3.46 million metric tons from June 2022 to June 2023 due to the fact that smelters started to resume production in the southwestern Yunnan province after officials eased local power usage limits. Daily output increased to 115,333 metric tons in June from 110,323 metric tons in May.
• Reuters also reported China’s crude steel output rose 0.4 percent from May 2023 to June 2023 and 1.1 percent from June 2022 to June 2023 due to the fact that officials encouraged mills to increase production. The average daily steel output was approximately 3.04 million metric tons last month, up from 2.91 million metric tons in May 2023 and slightly higher than 3.02 million metric tons in June 2022.
• According to Bloomberg, China’s economic recovery lost momentum in the second quarter. Specifically, the country’s gross domestic product grew at a slower-than-expected pace of 6.3 percent. Data from China’s National Bureau of Statistics revealed the disappointing report was due in part to a slowdown in growth of consumer spending. Retail sales increased only 3.1 percent in June from a year earlier and were down from 12.7 percent in May.