As always, take any government report with many grains of salt - especially one that purports to measure a multi trillion dollar economy within 45 days of quarter end. That said, China claims they put in a 11.9% GDP quarter.
- China's economy accelerated more than expected in the first quarter, while consumer and wholesale inflation -- though mixed -- indicated a broadly rising trend, stoking further concerns of economic overheating in the world's third-largest economy.
- Gross domestic product rose 11.9% from the year-ago period, accelerating from 10.7% in the last quarter of 2009. The expansion was the fastest in nearly three years.
- The surge in economic expansion was up from just over 6 percent in the same quarter a year ago. It was supported by a 19.6 percent rise in industrial output over a year earlier and a nearly 26 percent rise in investment in factories and other fixed assets.
- On the inflation front, March's consumer price index was 2.4% higher than a year earlier, easing slightly from a 2.7% rise in February. (hmm... Larry Kudlow would be proud - more Goldilocks data, massive GDP growth with little to no inflation)
- The latest data showed China is on the verge of overtaking
Japanas the second-largest economy behind the United States. China's gross domestic product last year was $4.9 trillion, just behind Japan's $5.1 trillion. Tokyo has yet to report first-quarter figures.
Completely unrelated - this morning's headlines are almost amusing in light of the stock market action:
- US foreclosure filings surge
- Weekly jobless claims surge
- Greek debt worries reignite
This combo should cause the market to sell off for at least 10 minutes. Perhaps even 30.