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…
Mississippi law could create statewide registry of undocumented immigrants
Marine missing from USS Anchorage now focus of recovery mission off California coast
Lawsuit filed after tree dubbed ‘Widow Maker’ fatally crushes man at Texas BBQ restaurant
Jacob Frey praises Somali community as Minnesota faces renewed scrutiny over fraud investigations
Trump calls likely DC mayor Janeese Lewis George a ‘communist’ and vows to block her agenda
Trump: Renovations to DC’s East Potomac Golf Links begin in September
Top Democrat lawmaker suffers minor injuries in Delaware car crash
Pollster Stands By Rejected Survey Showing Struggling Democrat in Single Digits That He Released Anyway
Doctor Pushing Puberty Blockers on Teen Boy Was Charged With Possessing Child Porn
Sisters, friend charged in Texas mom’s stabbing death
The Swamp’s Got Another Bright Idea, and It Could End Up Hosing Every American Who Drives
SCOTUS Showdown Over Gun Suppressors Looms After Appeals Court Creates ‘Circuit Split’
Punk Allegedly Pulls Pistol on Workmen, Ends up Tied to Front Porch to Make Police Pickup Quick and Easy
Soft-On-Crime Socialist Set To Run Nation’s Capital Ravaged By Teen Takeovers
What to know about the July Fourth celebrations in DC
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Mississippi law could create statewide registry of undocumented immigrants
Marine missing from USS Anchorage now focus of recovery mission off California coast
Lawsuit filed after tree dubbed ‘Widow Maker’ fatally crushes man at Texas BBQ restaurant
Jacob Frey praises Somali community as Minnesota faces renewed scrutiny over fraud investigations
Trump calls likely DC mayor Janeese Lewis George a ‘communist’ and vows to block her agenda
Trump: Renovations to DC’s East Potomac Golf Links begin in September
Top Democrat lawmaker suffers minor injuries in Delaware car crash
Pollster Stands By Rejected Survey Showing Struggling Democrat in Single Digits That He Released Anyway
Doctor Pushing Puberty Blockers on Teen Boy Was Charged With Possessing Child Porn
Sisters, friend charged in Texas mom’s stabbing death
The Swamp’s Got Another Bright Idea, and It Could End Up Hosing Every American Who Drives
SCOTUS Showdown Over Gun Suppressors Looms After Appeals Court Creates ‘Circuit Split’
Punk Allegedly Pulls Pistol on Workmen, Ends up Tied to Front Porch to Make Police Pickup Quick and Easy
Soft-On-Crime Socialist Set To Run Nation’s Capital Ravaged By Teen Takeovers
What to know about the July Fourth celebrations in DC
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%
Mississippi law could create statewide registry of undocumented immigrants
Marine missing from USS Anchorage now focus of recovery mission off California coast
Lawsuit filed after tree dubbed ‘Widow Maker’ fatally crushes man at Texas BBQ restaurant
Jacob Frey praises Somali community as Minnesota faces renewed scrutiny over fraud investigations
Trump calls likely DC mayor Janeese Lewis George a ‘communist’ and vows to block her agenda
Trump: Renovations to DC’s East Potomac Golf Links begin in September
Top Democrat lawmaker suffers minor injuries in Delaware car crash
Pollster Stands By Rejected Survey Showing Struggling Democrat in Single Digits That He Released Anyway
Doctor Pushing Puberty Blockers on Teen Boy Was Charged With Possessing Child Porn
Sisters, friend charged in Texas mom’s stabbing death
The Swamp’s Got Another Bright Idea, and It Could End Up Hosing Every American Who Drives
SCOTUS Showdown Over Gun Suppressors Looms After Appeals Court Creates ‘Circuit Split’
Punk Allegedly Pulls Pistol on Workmen, Ends up Tied to Front Porch to Make Police Pickup Quick and Easy
Soft-On-Crime Socialist Set To Run Nation’s Capital Ravaged By Teen Takeovers
What to know about the July Fourth celebrations in DC
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.
Mississippi law could create statewide registry of undocumented immigrants
Marine missing from USS Anchorage now focus of recovery mission off California coast
Lawsuit filed after tree dubbed ‘Widow Maker’ fatally crushes man at Texas BBQ restaurant
Jacob Frey praises Somali community as Minnesota faces renewed scrutiny over fraud investigations
Trump calls likely DC mayor Janeese Lewis George a ‘communist’ and vows to block her agenda
Trump: Renovations to DC’s East Potomac Golf Links begin in September
Top Democrat lawmaker suffers minor injuries in Delaware car crash
Pollster Stands By Rejected Survey Showing Struggling Democrat in Single Digits That He Released Anyway
Doctor Pushing Puberty Blockers on Teen Boy Was Charged With Possessing Child Porn
Sisters, friend charged in Texas mom’s stabbing death
The Swamp’s Got Another Bright Idea, and It Could End Up Hosing Every American Who Drives
SCOTUS Showdown Over Gun Suppressors Looms After Appeals Court Creates ‘Circuit Split’
Punk Allegedly Pulls Pistol on Workmen, Ends up Tied to Front Porch to Make Police Pickup Quick and Easy
Soft-On-Crime Socialist Set To Run Nation’s Capital Ravaged By Teen Takeovers
What to know about the July Fourth celebrations in DC
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.
Mississippi law could create statewide registry of undocumented immigrants
Marine missing from USS Anchorage now focus of recovery mission off California coast
Lawsuit filed after tree dubbed ‘Widow Maker’ fatally crushes man at Texas BBQ restaurant
Jacob Frey praises Somali community as Minnesota faces renewed scrutiny over fraud investigations
Trump calls likely DC mayor Janeese Lewis George a ‘communist’ and vows to block her agenda
Trump: Renovations to DC’s East Potomac Golf Links begin in September
Top Democrat lawmaker suffers minor injuries in Delaware car crash
Pollster Stands By Rejected Survey Showing Struggling Democrat in Single Digits That He Released Anyway
Doctor Pushing Puberty Blockers on Teen Boy Was Charged With Possessing Child Porn
Sisters, friend charged in Texas mom’s stabbing death
The Swamp’s Got Another Bright Idea, and It Could End Up Hosing Every American Who Drives
SCOTUS Showdown Over Gun Suppressors Looms After Appeals Court Creates ‘Circuit Split’
Punk Allegedly Pulls Pistol on Workmen, Ends up Tied to Front Porch to Make Police Pickup Quick and Easy
Soft-On-Crime Socialist Set To Run Nation’s Capital Ravaged By Teen Takeovers
What to know about the July Fourth celebrations in DC
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.
