Could be a big hike on the LME tonight.
Unless this was factored in last night??? look at intra day of BHP to judge for yourself.
From AFR:
China's economy grew 9.5 per cent in the first quarter, the same rate as for all of 2004 and compared to 9.7 per cent in the same period last year, the National Bureau of Statistics said on Wednesday.
Economic output by value totalled 3.13 trillion yuan ($490 billion) in the three months to March, the NBS said.
Fixed-asset investment, which reflects government spending on infrastructure, increased 22.8 per cent in the first quarter, just slightly slower than the 25.8 per cent growth rate for 2004, according to the figures.
"The total size of investment is too large. Shortages of coal, electricity, petroleum and transportation are still prominent," NBS spokesman Zheng Jingpin said, warning of pressure on resources to fuel the rapidly expanding economy.
Mr Zheng indicated China faced difficulties trying to cool the economy.
"The price for some upstream products rose by a bigger margin than desired and the task of macro-economic regulation is still arduous," he said.
"Macro-economic regulation and control should be meticulously implemented in order to consolidate and strengthen the good momentum of national economic performance."
The Chinese government has targeted growth of about 8 per cent this year but many non-government economists expect 8 or 9 per cent, or even more.
Wednesday's figures came just ahead of the first anniversary of a government campaign to cool soaring fixed-investment levels and bring the economy back onto a more sustainable growth track.
The campaign has centred on pegging back credit to the most overheating sectors - autos, steel and real estate - while trying to bring fixed-asset investment under some measure of control.
Unless this was factored in last night??? look at intra day of BHP to judge for yourself.
From AFR:
China's economy grew 9.5 per cent in the first quarter, the same rate as for all of 2004 and compared to 9.7 per cent in the same period last year, the National Bureau of Statistics said on Wednesday.
Economic output by value totalled 3.13 trillion yuan ($490 billion) in the three months to March, the NBS said.
Fixed-asset investment, which reflects government spending on infrastructure, increased 22.8 per cent in the first quarter, just slightly slower than the 25.8 per cent growth rate for 2004, according to the figures.
"The total size of investment is too large. Shortages of coal, electricity, petroleum and transportation are still prominent," NBS spokesman Zheng Jingpin said, warning of pressure on resources to fuel the rapidly expanding economy.
Mr Zheng indicated China faced difficulties trying to cool the economy.
"The price for some upstream products rose by a bigger margin than desired and the task of macro-economic regulation is still arduous," he said.
"Macro-economic regulation and control should be meticulously implemented in order to consolidate and strengthen the good momentum of national economic performance."
The Chinese government has targeted growth of about 8 per cent this year but many non-government economists expect 8 or 9 per cent, or even more.
Wednesday's figures came just ahead of the first anniversary of a government campaign to cool soaring fixed-investment levels and bring the economy back onto a more sustainable growth track.
The campaign has centred on pegging back credit to the most overheating sectors - autos, steel and real estate - while trying to bring fixed-asset investment under some measure of control.
Ouch!!!!
