Nomura Slashes Chinese Growth Forecast After Slew Of Bad Data

Today: Shops will take down their Chinese GDP forecasts.

Here's Zhiwei Zhang at Nomura:

• Real GDP growth slowed to 7.7% y-o-y in Q1 2013 from 7.9% in Q4 2012, much weaker than expected.
• Both industrial production and fixed asset investment growth slowed unexpectedly. Retail sales growth picked up slightly.
• We revise down our 2013 GDP growth forecast to 7.5% from 7.7% and our CPI inflation forecast to 3.1% from 3.5%.
• We no longer expect interest rate hikes in 2013, but maintain our view that credit growth will likely slow.