Retail sales and manufacturing activity in China more than expected

Data released by the National Bureau of Statistics showed that industrial output in China increased more than expected to 35.1% in the first two months of this year compared to last year, up from 7.3% year-on-year in December. Retail sales increased by 33.8% in the first two months of 2021 compared to 4.6% in December, compared to a contraction of 20.5% in the period from January to February of 2020, and retail sales were expected to rise by 32%.

China refinery production in the January-February period increased 15% thanks to strong fuel demand, and China's factories increased crude steel production in the January-February period by 13% thanks to strong demand expectations.