E I VW.ERHOLUNG IN CHINA

China's economic growth exceeded expectations in the second quarter, with gross domestic product expanding 5.2% in April-June from a year earlier. Analysts at Morgan Stanley expect GDP growth to slip below 4.5% in the second half of the year due to "payback of front-loading, weaker global trade amid renewed tariff escalation, and continued deflation loop." Michelle Lam, Greater China economist at Societe Generale SA, said "it's a picture of strong supply but weak domestic demand, and export resilience is not going to last" and described the data as "not a good set of data despite the GDP beat."