UBS On-Air: Paul Donovan Daily Audio 'Better than expected, as expected'

As expected, China’s first quarter GDP was better than expected. Beijing’s rush to emphasize exports a few weeks ago may have helped flatter the numbers. Higher-frequency data showed consumers spending more, but continuing to save more as well. The spending data was helped by restaurant spending—the international spillover from service sector spending is not zero, but certainly less than spending on goods.