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…
Documents show Epstein received pitch for properties housing Pentagon, FBI tenants after 2008 conviction
Buttigieg, Newsom, AOC top three in new 2028 poll in key presidential primary state
College student dies in tragic ski accident at Wisconsin resort, marking second death within a month
Red state auditor’s report flags Democratic governor’s ‘concerning’ spending on ‘luxury’ expenditures
Trump’s NIH director isn’t the only official wearing multiple hats during the president’s second term
Apple iCloud accused of failing to stop ‘child porn’ in West Virginia lawsuit
Colbert Follows Up FCC ‘Equal Time’ Fiasco by Sitting Down with Liberal Senator Who’s Up for Re-election
Judge overstepped by ordering Mark Zaid’s security clearance restored: DOJ
Cambodian PM says Thai forces occupying disputed land despite Trump-brokered ceasefire
Chilling: 2 Different AIs Are Willing to Slaughter Every Person With Traditional Values to Avoid Offending a Single Trans Person – and It Gets Even Worse
Colbert Catastrophe: FEC Urged to Investigate After Host Lies About Censorship, Raising Millions for Crockett Opponent
Massie faces backlash over Epstein demand, critics suggest he should ‘seriously reconsider’ Congress
Senate hopeful with deep Dem ties has paid family over $350K from his campaign coffers
Trump says Iran has 15 days to reach a deal or face ‘unfortunate’ outcome
Tony Gonzales accuses dead staffer’s husband of blackmail
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Documents show Epstein received pitch for properties housing Pentagon, FBI tenants after 2008 conviction
Buttigieg, Newsom, AOC top three in new 2028 poll in key presidential primary state
College student dies in tragic ski accident at Wisconsin resort, marking second death within a month
Red state auditor’s report flags Democratic governor’s ‘concerning’ spending on ‘luxury’ expenditures
Trump’s NIH director isn’t the only official wearing multiple hats during the president’s second term
Apple iCloud accused of failing to stop ‘child porn’ in West Virginia lawsuit
Colbert Follows Up FCC ‘Equal Time’ Fiasco by Sitting Down with Liberal Senator Who’s Up for Re-election
Judge overstepped by ordering Mark Zaid’s security clearance restored: DOJ
Cambodian PM says Thai forces occupying disputed land despite Trump-brokered ceasefire
Chilling: 2 Different AIs Are Willing to Slaughter Every Person With Traditional Values to Avoid Offending a Single Trans Person – and It Gets Even Worse
Colbert Catastrophe: FEC Urged to Investigate After Host Lies About Censorship, Raising Millions for Crockett Opponent
Massie faces backlash over Epstein demand, critics suggest he should ‘seriously reconsider’ Congress
Senate hopeful with deep Dem ties has paid family over $350K from his campaign coffers
Trump says Iran has 15 days to reach a deal or face ‘unfortunate’ outcome
Tony Gonzales accuses dead staffer’s husband of blackmail
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%
Documents show Epstein received pitch for properties housing Pentagon, FBI tenants after 2008 conviction
Buttigieg, Newsom, AOC top three in new 2028 poll in key presidential primary state
College student dies in tragic ski accident at Wisconsin resort, marking second death within a month
Red state auditor’s report flags Democratic governor’s ‘concerning’ spending on ‘luxury’ expenditures
Trump’s NIH director isn’t the only official wearing multiple hats during the president’s second term
Apple iCloud accused of failing to stop ‘child porn’ in West Virginia lawsuit
Colbert Follows Up FCC ‘Equal Time’ Fiasco by Sitting Down with Liberal Senator Who’s Up for Re-election
Judge overstepped by ordering Mark Zaid’s security clearance restored: DOJ
Cambodian PM says Thai forces occupying disputed land despite Trump-brokered ceasefire
Chilling: 2 Different AIs Are Willing to Slaughter Every Person With Traditional Values to Avoid Offending a Single Trans Person – and It Gets Even Worse
Colbert Catastrophe: FEC Urged to Investigate After Host Lies About Censorship, Raising Millions for Crockett Opponent
Massie faces backlash over Epstein demand, critics suggest he should ‘seriously reconsider’ Congress
Senate hopeful with deep Dem ties has paid family over $350K from his campaign coffers
Trump says Iran has 15 days to reach a deal or face ‘unfortunate’ outcome
Tony Gonzales accuses dead staffer’s husband of blackmail
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.
Documents show Epstein received pitch for properties housing Pentagon, FBI tenants after 2008 conviction
Buttigieg, Newsom, AOC top three in new 2028 poll in key presidential primary state
College student dies in tragic ski accident at Wisconsin resort, marking second death within a month
Red state auditor’s report flags Democratic governor’s ‘concerning’ spending on ‘luxury’ expenditures
Trump’s NIH director isn’t the only official wearing multiple hats during the president’s second term
Apple iCloud accused of failing to stop ‘child porn’ in West Virginia lawsuit
Colbert Follows Up FCC ‘Equal Time’ Fiasco by Sitting Down with Liberal Senator Who’s Up for Re-election
Judge overstepped by ordering Mark Zaid’s security clearance restored: DOJ
Cambodian PM says Thai forces occupying disputed land despite Trump-brokered ceasefire
Chilling: 2 Different AIs Are Willing to Slaughter Every Person With Traditional Values to Avoid Offending a Single Trans Person – and It Gets Even Worse
Colbert Catastrophe: FEC Urged to Investigate After Host Lies About Censorship, Raising Millions for Crockett Opponent
Massie faces backlash over Epstein demand, critics suggest he should ‘seriously reconsider’ Congress
Senate hopeful with deep Dem ties has paid family over $350K from his campaign coffers
Trump says Iran has 15 days to reach a deal or face ‘unfortunate’ outcome
Tony Gonzales accuses dead staffer’s husband of blackmail
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.
Documents show Epstein received pitch for properties housing Pentagon, FBI tenants after 2008 conviction
Buttigieg, Newsom, AOC top three in new 2028 poll in key presidential primary state
College student dies in tragic ski accident at Wisconsin resort, marking second death within a month
Red state auditor’s report flags Democratic governor’s ‘concerning’ spending on ‘luxury’ expenditures
Trump’s NIH director isn’t the only official wearing multiple hats during the president’s second term
Apple iCloud accused of failing to stop ‘child porn’ in West Virginia lawsuit
Colbert Follows Up FCC ‘Equal Time’ Fiasco by Sitting Down with Liberal Senator Who’s Up for Re-election
Judge overstepped by ordering Mark Zaid’s security clearance restored: DOJ
Cambodian PM says Thai forces occupying disputed land despite Trump-brokered ceasefire
Chilling: 2 Different AIs Are Willing to Slaughter Every Person With Traditional Values to Avoid Offending a Single Trans Person – and It Gets Even Worse
Colbert Catastrophe: FEC Urged to Investigate After Host Lies About Censorship, Raising Millions for Crockett Opponent
Massie faces backlash over Epstein demand, critics suggest he should ‘seriously reconsider’ Congress
Senate hopeful with deep Dem ties has paid family over $350K from his campaign coffers
Trump says Iran has 15 days to reach a deal or face ‘unfortunate’ outcome
Tony Gonzales accuses dead staffer’s husband of blackmail
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.
