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…
Watch: Baby Saved from Planned Parenthood After Sidewalk Counselor Convinces Father to Intervene
Struggling Canadian Vet Calls VA for Help, Says Caseworker Suggested He Consider Killing Himself With Canada’s New ‘Assisted Dying Service’
Democrat flips Alaska governor’s mansion after Trump-backed GOP infighting
Rubio’s Federalist Society performance fuels 2028 fire: ‘If he runs, he’ll be formidable’
Storybook Wedding … in a Swamp? Couple Opts for a Shrek Wedding, Hoping for Their Happily Ever After
Chicago’s Chief Financial Officer Abruptly Quits Rather Than Be Forced to ‘Compromise’ Her ‘Integrity’
Newly Elected House Democrat Admits He Is Under Investigation for Sexual Harassment
Rubio buoys conservative spirits after midterm rout: ‘Great things that last are built in decades, not election cycles’
DHS Sec. Markwayne Mullin Refuses to Rule Out Cyberattack or AI Issue as Ground Stop Continues
John Kennedy Gets Serious: Lays Out What Senate GOP Needs to Do Before Dems Take Control
Coincidence? FAA Rolled Out New AI Tool Days Before Friday’s Groundstop
Newly Released FBI Records Show Would-Be Trump Assassin Thomas Crooks Had Biden Material on His Device
Breaking: FAA Issues Ground Stop at All Airports ‘Due to Extraordinary Circumstance’
Push for new Democratic leadership overshadows celebrations at Denver confab
Tanker slams into docked New Orleans river cruiser carrying 129 passengers, sparking rescue
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Watch: Baby Saved from Planned Parenthood After Sidewalk Counselor Convinces Father to Intervene
Struggling Canadian Vet Calls VA for Help, Says Caseworker Suggested He Consider Killing Himself With Canada’s New ‘Assisted Dying Service’
Democrat flips Alaska governor’s mansion after Trump-backed GOP infighting
Rubio’s Federalist Society performance fuels 2028 fire: ‘If he runs, he’ll be formidable’
Storybook Wedding … in a Swamp? Couple Opts for a Shrek Wedding, Hoping for Their Happily Ever After
Chicago’s Chief Financial Officer Abruptly Quits Rather Than Be Forced to ‘Compromise’ Her ‘Integrity’
Newly Elected House Democrat Admits He Is Under Investigation for Sexual Harassment
Rubio buoys conservative spirits after midterm rout: ‘Great things that last are built in decades, not election cycles’
DHS Sec. Markwayne Mullin Refuses to Rule Out Cyberattack or AI Issue as Ground Stop Continues
John Kennedy Gets Serious: Lays Out What Senate GOP Needs to Do Before Dems Take Control
Coincidence? FAA Rolled Out New AI Tool Days Before Friday’s Groundstop
Newly Released FBI Records Show Would-Be Trump Assassin Thomas Crooks Had Biden Material on His Device
Breaking: FAA Issues Ground Stop at All Airports ‘Due to Extraordinary Circumstance’
Push for new Democratic leadership overshadows celebrations at Denver confab
Tanker slams into docked New Orleans river cruiser carrying 129 passengers, sparking rescue
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%
Watch: Baby Saved from Planned Parenthood After Sidewalk Counselor Convinces Father to Intervene
Struggling Canadian Vet Calls VA for Help, Says Caseworker Suggested He Consider Killing Himself With Canada’s New ‘Assisted Dying Service’
Democrat flips Alaska governor’s mansion after Trump-backed GOP infighting
Rubio’s Federalist Society performance fuels 2028 fire: ‘If he runs, he’ll be formidable’
Storybook Wedding … in a Swamp? Couple Opts for a Shrek Wedding, Hoping for Their Happily Ever After
Chicago’s Chief Financial Officer Abruptly Quits Rather Than Be Forced to ‘Compromise’ Her ‘Integrity’
Newly Elected House Democrat Admits He Is Under Investigation for Sexual Harassment
Rubio buoys conservative spirits after midterm rout: ‘Great things that last are built in decades, not election cycles’
DHS Sec. Markwayne Mullin Refuses to Rule Out Cyberattack or AI Issue as Ground Stop Continues
John Kennedy Gets Serious: Lays Out What Senate GOP Needs to Do Before Dems Take Control
Coincidence? FAA Rolled Out New AI Tool Days Before Friday’s Groundstop
Newly Released FBI Records Show Would-Be Trump Assassin Thomas Crooks Had Biden Material on His Device
Breaking: FAA Issues Ground Stop at All Airports ‘Due to Extraordinary Circumstance’
Push for new Democratic leadership overshadows celebrations at Denver confab
Tanker slams into docked New Orleans river cruiser carrying 129 passengers, sparking rescue
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.
Watch: Baby Saved from Planned Parenthood After Sidewalk Counselor Convinces Father to Intervene
Struggling Canadian Vet Calls VA for Help, Says Caseworker Suggested He Consider Killing Himself With Canada’s New ‘Assisted Dying Service’
Democrat flips Alaska governor’s mansion after Trump-backed GOP infighting
Rubio’s Federalist Society performance fuels 2028 fire: ‘If he runs, he’ll be formidable’
Storybook Wedding … in a Swamp? Couple Opts for a Shrek Wedding, Hoping for Their Happily Ever After
Chicago’s Chief Financial Officer Abruptly Quits Rather Than Be Forced to ‘Compromise’ Her ‘Integrity’
Newly Elected House Democrat Admits He Is Under Investigation for Sexual Harassment
Rubio buoys conservative spirits after midterm rout: ‘Great things that last are built in decades, not election cycles’
DHS Sec. Markwayne Mullin Refuses to Rule Out Cyberattack or AI Issue as Ground Stop Continues
John Kennedy Gets Serious: Lays Out What Senate GOP Needs to Do Before Dems Take Control
Coincidence? FAA Rolled Out New AI Tool Days Before Friday’s Groundstop
Newly Released FBI Records Show Would-Be Trump Assassin Thomas Crooks Had Biden Material on His Device
Breaking: FAA Issues Ground Stop at All Airports ‘Due to Extraordinary Circumstance’
Push for new Democratic leadership overshadows celebrations at Denver confab
Tanker slams into docked New Orleans river cruiser carrying 129 passengers, sparking rescue
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.
Watch: Baby Saved from Planned Parenthood After Sidewalk Counselor Convinces Father to Intervene
Struggling Canadian Vet Calls VA for Help, Says Caseworker Suggested He Consider Killing Himself With Canada’s New ‘Assisted Dying Service’
Democrat flips Alaska governor’s mansion after Trump-backed GOP infighting
Rubio’s Federalist Society performance fuels 2028 fire: ‘If he runs, he’ll be formidable’
Storybook Wedding … in a Swamp? Couple Opts for a Shrek Wedding, Hoping for Their Happily Ever After
Chicago’s Chief Financial Officer Abruptly Quits Rather Than Be Forced to ‘Compromise’ Her ‘Integrity’
Newly Elected House Democrat Admits He Is Under Investigation for Sexual Harassment
Rubio buoys conservative spirits after midterm rout: ‘Great things that last are built in decades, not election cycles’
DHS Sec. Markwayne Mullin Refuses to Rule Out Cyberattack or AI Issue as Ground Stop Continues
John Kennedy Gets Serious: Lays Out What Senate GOP Needs to Do Before Dems Take Control
Coincidence? FAA Rolled Out New AI Tool Days Before Friday’s Groundstop
Newly Released FBI Records Show Would-Be Trump Assassin Thomas Crooks Had Biden Material on His Device
Breaking: FAA Issues Ground Stop at All Airports ‘Due to Extraordinary Circumstance’
Push for new Democratic leadership overshadows celebrations at Denver confab
Tanker slams into docked New Orleans river cruiser carrying 129 passengers, sparking rescue
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.
