Morning Memo: Monday, July 15, 2013

• China Q2 GDP inline @ 7.5%, but is second consecutive quarter of slower GDP, putting 2013 official target of 7.5% at risk.  
• Markets rally in relief that China GDP wasn't worse given FinMin comments last week re possible 7% number.  
• AUD rallies on China data.
• UK house prices rise again in June...survey shows +0.3% m/m w/ London asking pxes up 12% y/y.
• GlaxoSmithKline under investigation in China for bribing officials to boost drug sales.  Four execs arrested.
• European shares open higher on GDP data.
• more later....
• US Retail Sales...lte (lower than expected) @ 0.4% vs ).9% exp.  Big jump in auto sales helped lift overall number.  Ex auto unched vs +0.6% exp., wte (worse than expected).  Sales rose in home furnishing, pharm, personal care, clothes and hobbies.  Sales fell in home-improvement stores, bars and restaurants (aren't these the sectors where employment growth was strongest in recent payroll data???)
• Citigroup earnings beat!
• Empire State mftg survey beats!    The general business conditions index rose to 9.5 from 7.8 in June, and components measuring new orders and shipments turned positive.
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