While it will hardly come as a surprise to anyone following China’s dismal attempts at reflating the economy, which on Monday we learned translated into the lowest Aggregate Financing print since the series was established…
Nancy Mace Names 6 Lawmakers in Bombshell Comments on Congressional Sex Scandal ‘Slush Fund’
Dem Chicago Alderman Wants Walgreens Charged with Crime After Store Closes Amid Rampant Theft, Violence
Trump turns Obama-era youth health policy on its head as school fitness benchmark returns
Massie ally sparks backlash after accusing Trump-backed challenger of abusing VA benefits
GOP builds huge cash edge as 2026 midterm outlook darkens
At least five killed and dozens injured in Ukraine in ‘vile’ Russian strike amid ceasefire talk
Border Patrol arrests two illegal aliens convicted of child sex offenses near San Diego in back-to-back busts
Trump opens Hormuz under fire with ‘Project Freedom’ as Iran warns of attacks
Arkansas school director sentenced for being ‘ringleader’ of child fight club
Civil rights groups file lawsuit seeking to block Texas law allowing cops to arrest illegal migrants
Rudy Giuliani’s primary care provider gives update on his condition
Police dog follows his nose to find missing autistic teen screaming for help
Ohio daycare worker convicted of horrific physical abuse of toddlers sentenced to years in prison
Alert: Child Struck by Gunfire as Secret Service Neutralizes Alleged Gunman Near White House
Military-trained fugitive accused of shooting wife eludes manhunt in rural woodlands
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Nancy Mace Names 6 Lawmakers in Bombshell Comments on Congressional Sex Scandal ‘Slush Fund’
Dem Chicago Alderman Wants Walgreens Charged with Crime After Store Closes Amid Rampant Theft, Violence
Trump turns Obama-era youth health policy on its head as school fitness benchmark returns
Massie ally sparks backlash after accusing Trump-backed challenger of abusing VA benefits
GOP builds huge cash edge as 2026 midterm outlook darkens
At least five killed and dozens injured in Ukraine in ‘vile’ Russian strike amid ceasefire talk
Border Patrol arrests two illegal aliens convicted of child sex offenses near San Diego in back-to-back busts
Trump opens Hormuz under fire with ‘Project Freedom’ as Iran warns of attacks
Arkansas school director sentenced for being ‘ringleader’ of child fight club
Civil rights groups file lawsuit seeking to block Texas law allowing cops to arrest illegal migrants
Rudy Giuliani’s primary care provider gives update on his condition
Police dog follows his nose to find missing autistic teen screaming for help
Ohio daycare worker convicted of horrific physical abuse of toddlers sentenced to years in prison
Alert: Child Struck by Gunfire as Secret Service Neutralizes Alleged Gunman Near White House
Military-trained fugitive accused of shooting wife eludes manhunt in rural woodlands
Source: Bloomberg
… tonight’s macro data dump from China is expected to show continued slowing from Q3’s disappointing GDP print.
Bloomberg Economics’ Chang Shu notes that the October activity data are likely to show weakness continuing to spread across China’s economy, as companies adjusted to an additional 15% U.S. tariffs on $110 billion of Chinese goods in September.
- China Industrial Production MEET +5.6% YoY vs +5.6% YoY Exp
- China Retail Sales MISS +7.2% YoY vs +7.8% Exp
- China Fixed Asset Investment MISS +5.2% YoY vs +5.4% Exp.
- China Property Investment FELL to +10.3% YoY from +10.5% YoY
- China Surveyed Jobless Rate FELL to 5.1% from 5.2%
Nancy Mace Names 6 Lawmakers in Bombshell Comments on Congressional Sex Scandal ‘Slush Fund’
Dem Chicago Alderman Wants Walgreens Charged with Crime After Store Closes Amid Rampant Theft, Violence
Trump turns Obama-era youth health policy on its head as school fitness benchmark returns
Massie ally sparks backlash after accusing Trump-backed challenger of abusing VA benefits
GOP builds huge cash edge as 2026 midterm outlook darkens
At least five killed and dozens injured in Ukraine in ‘vile’ Russian strike amid ceasefire talk
Border Patrol arrests two illegal aliens convicted of child sex offenses near San Diego in back-to-back busts
Trump opens Hormuz under fire with ‘Project Freedom’ as Iran warns of attacks
Arkansas school director sentenced for being ‘ringleader’ of child fight club
Civil rights groups file lawsuit seeking to block Texas law allowing cops to arrest illegal migrants
Rudy Giuliani’s primary care provider gives update on his condition
Police dog follows his nose to find missing autistic teen screaming for help
Ohio daycare worker convicted of horrific physical abuse of toddlers sentenced to years in prison
Alert: Child Struck by Gunfire as Secret Service Neutralizes Alleged Gunman Near White House
Military-trained fugitive accused of shooting wife eludes manhunt in rural woodlands
This is the equal weakest retail sales growth since 2003 and weakest Fixed-Asset Investment growth since 1998..
Source: Bloomberg
This data confirms that China’s economy slowed further in October, signaling, as Bloomberg’s Miao Han notes, that policy makers’ piecemeal stimulus is failing to boost output and investment amid ongoing trade tensions with the U.S. and subdued domestic demand.
As a reminder, there was the surprising divergence in the two manufacturing PMI readings, with the “official” version weakening, and the Caixin-labeled version strengthening.
Nancy Mace Names 6 Lawmakers in Bombshell Comments on Congressional Sex Scandal ‘Slush Fund’
Dem Chicago Alderman Wants Walgreens Charged with Crime After Store Closes Amid Rampant Theft, Violence
Trump turns Obama-era youth health policy on its head as school fitness benchmark returns
Massie ally sparks backlash after accusing Trump-backed challenger of abusing VA benefits
GOP builds huge cash edge as 2026 midterm outlook darkens
At least five killed and dozens injured in Ukraine in ‘vile’ Russian strike amid ceasefire talk
Border Patrol arrests two illegal aliens convicted of child sex offenses near San Diego in back-to-back busts
Trump opens Hormuz under fire with ‘Project Freedom’ as Iran warns of attacks
Arkansas school director sentenced for being ‘ringleader’ of child fight club
Civil rights groups file lawsuit seeking to block Texas law allowing cops to arrest illegal migrants
Rudy Giuliani’s primary care provider gives update on his condition
Police dog follows his nose to find missing autistic teen screaming for help
Ohio daycare worker convicted of horrific physical abuse of toddlers sentenced to years in prison
Alert: Child Struck by Gunfire as Secret Service Neutralizes Alleged Gunman Near White House
Military-trained fugitive accused of shooting wife eludes manhunt in rural woodlands
Source: Bloomberg
Dow futures are exuberantly surging overnight as yuan continues to slide – disagreeing vehemently over the chances of a US-China trade deal after their joint celebrations last week…
Source: Bloomberg
Finally, as we just noted, The National Institution for Finance and Development (NIFD) on Wednesday said that China’s economic growth rate will slow to 5.8% in 2020 from an estimated 6.1% this year, a number which is already quite ambitious, not to say artificially goalseeked.
Nancy Mace Names 6 Lawmakers in Bombshell Comments on Congressional Sex Scandal ‘Slush Fund’
Dem Chicago Alderman Wants Walgreens Charged with Crime After Store Closes Amid Rampant Theft, Violence
Trump turns Obama-era youth health policy on its head as school fitness benchmark returns
Massie ally sparks backlash after accusing Trump-backed challenger of abusing VA benefits
GOP builds huge cash edge as 2026 midterm outlook darkens
At least five killed and dozens injured in Ukraine in ‘vile’ Russian strike amid ceasefire talk
Border Patrol arrests two illegal aliens convicted of child sex offenses near San Diego in back-to-back busts
Trump opens Hormuz under fire with ‘Project Freedom’ as Iran warns of attacks
Arkansas school director sentenced for being ‘ringleader’ of child fight club
Civil rights groups file lawsuit seeking to block Texas law allowing cops to arrest illegal migrants
Rudy Giuliani’s primary care provider gives update on his condition
Police dog follows his nose to find missing autistic teen screaming for help
Ohio daycare worker convicted of horrific physical abuse of toddlers sentenced to years in prison
Alert: Child Struck by Gunfire as Secret Service Neutralizes Alleged Gunman Near White House
Military-trained fugitive accused of shooting wife eludes manhunt in rural woodlands
This, as the SCMP notes, is at the bottom end of China’s target range of 6 to 6.5% growth for 2019, and further indicates the continued downward pressure on the economy from the trade war with the United States as well as domestic headwinds.
“The economic slowdown is already a trend,” said former central bank adviser Li Yang, who heads the institute that is affiliated to the Chinese Academy of Social Sciences (CASS).
“We must resort to deepened supply-side structural reform to change it or smooth the slowdown, rather than solely rely on monetary or fiscal stimulus.”
The institute’s forecast is in line with the International Monetary Fund, and indicates the challenge that policymakers face to achieve the above 6% growth rate needed in 2019 and 2020 to reach the government’s goal of doubling GDP in 2020 compared to its 2010 level.
As a reminder, a GDP growth rate below 6% would be the first time since the aftermath of the 1989 Tiananmen crackdown.
Finally, we note that Navarro and his trade hawks in the White House will be pleased at these weak numbers. President Trump has repeatedly said that China needs a deal more than the U.S. does, and these numbers as leverage in their negotiations.
Story cited here.
