The industrial activity for July (+0.09%YoY, +1.93%MoM) came in way above my expectation(-1.21%YoY, +0.51%MoM). While it has been similar to the last month's detail generally, the headline showed a strong print, helped by improvements in communications equipment (-13.5%YoY to -3.2%YoY), oil refining (-1.3%YoY to +8.0%YoY) and electronic components (+5.6%YoY to +10.7%YoY). The average manufacturing capacity utilization rate also picked up 2.2%p to 73.4%.
I expect the industrial production in August to be on a firm footing (+2.73%YoY, +0.05%MoM) with strong rebound in the auto production, mainly due to the base effect from the strike in August 2016. The data won't affect fixed income markets because the focus is on foreign selling.
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