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…
Trump-Backed Rep. Andy Ogles Loses Primary After Green Energy Group Spent Big to Unseat Him
Violent Criminal Who Was Set Free on Plea Deal Arrested After Horrific Attacks on Random Women
‘No place like Mackinac’: Mike Rogers trolls Abdul el Sayed after hot mic moment emerges
Fox News Campus Radicals Newsletter: Duke Law’s alleged race-based admissions accused of defying Supreme Court
Missing Illinois kayakers found dead near strait called Death’s Door known for shipwrecks
Unearthed clip of El-Sayed revealing his ‘hate’ for iconic Michigan town sparks online firestorm: ‘Dark heart’
Duke Law’s alleged race-based admissions accused of defying Supreme Court ruling: DOJ
US Army offering defense firms ‘concierge access’ to test weapons at military ranges
Blanche Appears Poised for AG Confirmation as GOP Senator Announces Support
French right-wing media figure attacked by mob of antifa militants
10 Democrats and Rand Paul oppose Russia sanctions bill
Democrats Furious as Trump Signs Two Executive Orders to End Birth Tourism
Maryland’s lone congressional Republican blasts Moore’s redistricting push as alleged 2028 White House play
Fraternal Order of Police slams vulnerable House Democrat for using logo in constituent mail
Detroit-area couple accused of throwing explosive device with alarming 2-word message into neighbor’s yard
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Trump-Backed Rep. Andy Ogles Loses Primary After Green Energy Group Spent Big to Unseat Him
Violent Criminal Who Was Set Free on Plea Deal Arrested After Horrific Attacks on Random Women
‘No place like Mackinac’: Mike Rogers trolls Abdul el Sayed after hot mic moment emerges
Fox News Campus Radicals Newsletter: Duke Law’s alleged race-based admissions accused of defying Supreme Court
Missing Illinois kayakers found dead near strait called Death’s Door known for shipwrecks
Unearthed clip of El-Sayed revealing his ‘hate’ for iconic Michigan town sparks online firestorm: ‘Dark heart’
Duke Law’s alleged race-based admissions accused of defying Supreme Court ruling: DOJ
US Army offering defense firms ‘concierge access’ to test weapons at military ranges
Blanche Appears Poised for AG Confirmation as GOP Senator Announces Support
French right-wing media figure attacked by mob of antifa militants
10 Democrats and Rand Paul oppose Russia sanctions bill
Democrats Furious as Trump Signs Two Executive Orders to End Birth Tourism
Maryland’s lone congressional Republican blasts Moore’s redistricting push as alleged 2028 White House play
Fraternal Order of Police slams vulnerable House Democrat for using logo in constituent mail
Detroit-area couple accused of throwing explosive device with alarming 2-word message into neighbor’s yard
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%
Trump-Backed Rep. Andy Ogles Loses Primary After Green Energy Group Spent Big to Unseat Him
Violent Criminal Who Was Set Free on Plea Deal Arrested After Horrific Attacks on Random Women
‘No place like Mackinac’: Mike Rogers trolls Abdul el Sayed after hot mic moment emerges
Fox News Campus Radicals Newsletter: Duke Law’s alleged race-based admissions accused of defying Supreme Court
Missing Illinois kayakers found dead near strait called Death’s Door known for shipwrecks
Unearthed clip of El-Sayed revealing his ‘hate’ for iconic Michigan town sparks online firestorm: ‘Dark heart’
Duke Law’s alleged race-based admissions accused of defying Supreme Court ruling: DOJ
US Army offering defense firms ‘concierge access’ to test weapons at military ranges
Blanche Appears Poised for AG Confirmation as GOP Senator Announces Support
French right-wing media figure attacked by mob of antifa militants
10 Democrats and Rand Paul oppose Russia sanctions bill
Democrats Furious as Trump Signs Two Executive Orders to End Birth Tourism
Maryland’s lone congressional Republican blasts Moore’s redistricting push as alleged 2028 White House play
Fraternal Order of Police slams vulnerable House Democrat for using logo in constituent mail
Detroit-area couple accused of throwing explosive device with alarming 2-word message into neighbor’s yard
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.
Trump-Backed Rep. Andy Ogles Loses Primary After Green Energy Group Spent Big to Unseat Him
Violent Criminal Who Was Set Free on Plea Deal Arrested After Horrific Attacks on Random Women
‘No place like Mackinac’: Mike Rogers trolls Abdul el Sayed after hot mic moment emerges
Fox News Campus Radicals Newsletter: Duke Law’s alleged race-based admissions accused of defying Supreme Court
Missing Illinois kayakers found dead near strait called Death’s Door known for shipwrecks
Unearthed clip of El-Sayed revealing his ‘hate’ for iconic Michigan town sparks online firestorm: ‘Dark heart’
Duke Law’s alleged race-based admissions accused of defying Supreme Court ruling: DOJ
US Army offering defense firms ‘concierge access’ to test weapons at military ranges
Blanche Appears Poised for AG Confirmation as GOP Senator Announces Support
French right-wing media figure attacked by mob of antifa militants
10 Democrats and Rand Paul oppose Russia sanctions bill
Democrats Furious as Trump Signs Two Executive Orders to End Birth Tourism
Maryland’s lone congressional Republican blasts Moore’s redistricting push as alleged 2028 White House play
Fraternal Order of Police slams vulnerable House Democrat for using logo in constituent mail
Detroit-area couple accused of throwing explosive device with alarming 2-word message into neighbor’s yard
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.
Trump-Backed Rep. Andy Ogles Loses Primary After Green Energy Group Spent Big to Unseat Him
Violent Criminal Who Was Set Free on Plea Deal Arrested After Horrific Attacks on Random Women
‘No place like Mackinac’: Mike Rogers trolls Abdul el Sayed after hot mic moment emerges
Fox News Campus Radicals Newsletter: Duke Law’s alleged race-based admissions accused of defying Supreme Court
Missing Illinois kayakers found dead near strait called Death’s Door known for shipwrecks
Unearthed clip of El-Sayed revealing his ‘hate’ for iconic Michigan town sparks online firestorm: ‘Dark heart’
Duke Law’s alleged race-based admissions accused of defying Supreme Court ruling: DOJ
US Army offering defense firms ‘concierge access’ to test weapons at military ranges
Blanche Appears Poised for AG Confirmation as GOP Senator Announces Support
French right-wing media figure attacked by mob of antifa militants
10 Democrats and Rand Paul oppose Russia sanctions bill
Democrats Furious as Trump Signs Two Executive Orders to End Birth Tourism
Maryland’s lone congressional Republican blasts Moore’s redistricting push as alleged 2028 White House play
Fraternal Order of Police slams vulnerable House Democrat for using logo in constituent mail
Detroit-area couple accused of throwing explosive device with alarming 2-word message into neighbor’s yard
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.
