ICYMI - Morgan Stanley cut its China 2023 and 2024 growth forecasts

Morgan Stanley slashed its China 2023 economic growth forecast to 5.0% from 5.7% previously

• and for 2024 to 4.5% from 4.9% previously

The change came after the weak data from China on Monday:

• China Q2 GDP +0.8% q/q (expected 0.5%)
• China June: Retail sales +3.1% y/y (expected 3.2%) Industrial output +4.4% y/y (exp 2.7%)

Morgan Stanley said

• the GDP report was weak
• China's government is being slow to provide stimulus
• “Market scepticism on China’s growth outlook is on the rise”

Justin posted on a similar downgraded forecast from JPM:

• JP Morgan slashes China full year GDP growth forecast to 5.0% from 5.5% previously

Additionally, Societe General cuts its 2023 forecast to 5%, from 5.5%

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In recent months the knives have come out for China growth forecasts:

• Goldman Sachs have taken a knife to their China GDP forecasts: 5.4% for 2023 (6.0% prior)
• ICYMI - Nomura slashes its forecast for China's 2023 GDP growth to 5.1% from 5.5%
• UBS revised down its China 2023 GDP growth forecast to 5.2%, from 5.7% previously
• HSBC slashes China 2023 GDP forecast to 5.3% from 6.3% previously
• Citi cuts its China GDP forecast for 2023 to 5.5%, from 6.1%
• S&P cuts its China GDP forecast for 2023 to 5.2% from 5.5% - expects uneven growth pace