Narrow ranges prevailed during pre-Europe trade in Asia among the main currencies. China stocks traded lower for a second day after a several-day recovery hiatus, though Japanese equities and other markets in Asia still managed to gain. Chinese data were solid, with Q2 GDP coming in at +7.0% y/y, above the 6.8% expected, which is seen reflective of stimulus measures. Chinese industrial production, meanwhile, lifted 6.8% y/y in May, and retail sales rose by 10.6% y/y in May, both exceeding forecasts. This backdrop helped the yen weaken, albeit moderately.
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