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 Guthrie search stalls after authorities release detained suspect
Hypocrisy: Mainstream Media And NBA Stay Silent After Kevin Durant Tells Fan: ‘I Know Where You Live, White Boy’
Super Bowl Viewership Drops Year-Over-Year, Still Sets a Record
‘GOP’ House candidate admits she’s actually a progressive in viral video: ‘Telling people the truth’
Vance warns Iran that ‘another option on the table’ if nuclear deal not reached
Person questioned in Nancy Guthrie disappearance released after Arizona stop
Person detained for questioning in Nancy Guthrie case has been released and more top headlines
The surprising reason why Americans could face high beef prices for years
Breaking the Fourth Wall: Left-wing groups defiant as GOP sheds light on groups tied to China
Grand jury rejects DOJ effort to indict Democratic lawmakers who urged military to defy illegal orders
Key House committee advances nationwide voter ID bill, setting up 2026 election fight
What the timing of the FBI’s image release suggests in the Nancy Guthrie case: crime insider
Dem senator fumes that GOP’s foreign funding claim ‘delegitimizes’ anger of anti-ICE agitators in US
Susan Collins shrugs off attacks by Democrats and Trump, says Maine voters ‘Don’t vote party line’
DOJ Unredacts Alleged Epstein Co-Conspirators After Pressure from Thomas Massie and Ro Khanna
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Nancy Guthrie search stalls after authorities release detained suspect
Hypocrisy: Mainstream Media And NBA Stay Silent After Kevin Durant Tells Fan: ‘I Know Where You Live, White Boy’
Super Bowl Viewership Drops Year-Over-Year, Still Sets a Record
‘GOP’ House candidate admits she’s actually a progressive in viral video: ‘Telling people the truth’
Vance warns Iran that ‘another option on the table’ if nuclear deal not reached
Person questioned in Nancy Guthrie disappearance released after Arizona stop
Person detained for questioning in Nancy Guthrie case has been released and more top headlines
The surprising reason why Americans could face high beef prices for years
Breaking the Fourth Wall: Left-wing groups defiant as GOP sheds light on groups tied to China
Grand jury rejects DOJ effort to indict Democratic lawmakers who urged military to defy illegal orders
Key House committee advances nationwide voter ID bill, setting up 2026 election fight
What the timing of the FBI’s image release suggests in the Nancy Guthrie case: crime insider
Dem senator fumes that GOP’s foreign funding claim ‘delegitimizes’ anger of anti-ICE agitators in US
Susan Collins shrugs off attacks by Democrats and Trump, says Maine voters ‘Don’t vote party line’
DOJ Unredacts Alleged Epstein Co-Conspirators After Pressure from Thomas Massie and Ro Khanna
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 Guthrie search stalls after authorities release detained suspect
Hypocrisy: Mainstream Media And NBA Stay Silent After Kevin Durant Tells Fan: ‘I Know Where You Live, White Boy’
Super Bowl Viewership Drops Year-Over-Year, Still Sets a Record
‘GOP’ House candidate admits she’s actually a progressive in viral video: ‘Telling people the truth’
Vance warns Iran that ‘another option on the table’ if nuclear deal not reached
Person questioned in Nancy Guthrie disappearance released after Arizona stop
Person detained for questioning in Nancy Guthrie case has been released and more top headlines
The surprising reason why Americans could face high beef prices for years
Breaking the Fourth Wall: Left-wing groups defiant as GOP sheds light on groups tied to China
Grand jury rejects DOJ effort to indict Democratic lawmakers who urged military to defy illegal orders
Key House committee advances nationwide voter ID bill, setting up 2026 election fight
What the timing of the FBI’s image release suggests in the Nancy Guthrie case: crime insider
Dem senator fumes that GOP’s foreign funding claim ‘delegitimizes’ anger of anti-ICE agitators in US
Susan Collins shrugs off attacks by Democrats and Trump, says Maine voters ‘Don’t vote party line’
DOJ Unredacts Alleged Epstein Co-Conspirators After Pressure from Thomas Massie and Ro Khanna
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 Guthrie search stalls after authorities release detained suspect
Hypocrisy: Mainstream Media And NBA Stay Silent After Kevin Durant Tells Fan: ‘I Know Where You Live, White Boy’
Super Bowl Viewership Drops Year-Over-Year, Still Sets a Record
‘GOP’ House candidate admits she’s actually a progressive in viral video: ‘Telling people the truth’
Vance warns Iran that ‘another option on the table’ if nuclear deal not reached
Person questioned in Nancy Guthrie disappearance released after Arizona stop
Person detained for questioning in Nancy Guthrie case has been released and more top headlines
The surprising reason why Americans could face high beef prices for years
Breaking the Fourth Wall: Left-wing groups defiant as GOP sheds light on groups tied to China
Grand jury rejects DOJ effort to indict Democratic lawmakers who urged military to defy illegal orders
Key House committee advances nationwide voter ID bill, setting up 2026 election fight
What the timing of the FBI’s image release suggests in the Nancy Guthrie case: crime insider
Dem senator fumes that GOP’s foreign funding claim ‘delegitimizes’ anger of anti-ICE agitators in US
Susan Collins shrugs off attacks by Democrats and Trump, says Maine voters ‘Don’t vote party line’
DOJ Unredacts Alleged Epstein Co-Conspirators After Pressure from Thomas Massie and Ro Khanna
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 Guthrie search stalls after authorities release detained suspect
Hypocrisy: Mainstream Media And NBA Stay Silent After Kevin Durant Tells Fan: ‘I Know Where You Live, White Boy’
Super Bowl Viewership Drops Year-Over-Year, Still Sets a Record
‘GOP’ House candidate admits she’s actually a progressive in viral video: ‘Telling people the truth’
Vance warns Iran that ‘another option on the table’ if nuclear deal not reached
Person questioned in Nancy Guthrie disappearance released after Arizona stop
Person detained for questioning in Nancy Guthrie case has been released and more top headlines
The surprising reason why Americans could face high beef prices for years
Breaking the Fourth Wall: Left-wing groups defiant as GOP sheds light on groups tied to China
Grand jury rejects DOJ effort to indict Democratic lawmakers who urged military to defy illegal orders
Key House committee advances nationwide voter ID bill, setting up 2026 election fight
What the timing of the FBI’s image release suggests in the Nancy Guthrie case: crime insider
Dem senator fumes that GOP’s foreign funding claim ‘delegitimizes’ anger of anti-ICE agitators in US
Susan Collins shrugs off attacks by Democrats and Trump, says Maine voters ‘Don’t vote party line’
DOJ Unredacts Alleged Epstein Co-Conspirators After Pressure from Thomas Massie and Ro Khanna
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.
