China GDP Misses Expectations By A Mile, Rises Only 8.1%, Slowest Pace Since September 2009

Submitted by Tyler Durden on 04/12/2012 22:03 -0400

• China
• Gross Domestic Product

The number the market has been waiting for with bated breath arrives:

• CHINA 1Q GDP GROWS 8.1% ON YEAR, DOWN FROM 8.9% IN Q4; EXPECTED 8.4%, and whispered at 9.0%
• CHINA'S MARCH INDUSTRIAL OUTPUT RISES 11.9% FROM YEAR EARLIER
• CHINA STATISTICS BUREAU SAYS PROBLEMS REMAIN IN THE ECONOMY
• CHINA 1Q RETAIL SALES RISE 14.8% VS EST. 14.8%
• NBS: CHINA STILL FACES UPWARD PRESSURE ON INFLATION
• NBS: CHINA FACES DIFFICULTY STABILIZING EXPORTS

Visually:

And the worst: no RRR cut coming either it appears:

• NBS: CHINA STILL FACES UPWARD PRESSURE ON INFLATION

And so the rumormill, which was expecting some ridiculous GDP print of 9.0% based on a third-rate research report released overnight, despite China posting some epic budget surpluses in the past few months, is stuck dumping risk in this late hour. Everything selling off as China's GDP posts the biggest sequential drop since March 2009 and the lowest sequential GDP rise since September 2009.
Futures, which now shift to hoping for more liquid heroin, are down a whopping 4 pts. Because there is always some central planner happy to raise nominal asset prices by diluting everyone, and since the market still does not get the difference between nominal and real, all shall be well.