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…
BREAKING: Afghan Shooter Pleads Not Guilty to All Charges in National Guard Murder Case
Chip Roy Floats Congressional Action on College Football After Lane Kiffin Fiasco: ‘Isn’t Supposed to Be an NFL Lite’
Trump-backed Republican touts ‘great turnout for us’ in must-win special election for GOP
Senators vow push to prohibit US military action in Venezuela if Trump pursues strikes against the country
ICE nabs child rapists, gun-toting robbers as assaults on officers rise 1,153%
Venezuela land strikes will start ‘very soon,’ Trump says at final Cabinet meeting of the year
University of Delaware student accused of ‘frightening’ plot to attack campus police
Virginia GOP chairman stepping down after drastic losses in November elections
Treasury Department Investigating Apparent Taxpayer Funding of Terror Organization Under Biden and Walz
Trump says wounded National Guardsman’s mother has insisted to him that her son will survive shooting
Comer targets Walz in new House investigation, citing nearly $1B in alleged Minnesota fraud
Hakeem Jeffries Sides with Trump in Attempt to Drive a Wedge Between White House and Mike Johnson
Watch: Giants Kicker’s Bizarre Field Goal Blunder Leads to Confusion
Recordings of Brian Walshe played as prosecutors outline alleged love triangle murder
ICE Arrests Two Illegal Aliens for ‘Heinous Crimes Against Children’
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
BREAKING: Afghan Shooter Pleads Not Guilty to All Charges in National Guard Murder Case
Chip Roy Floats Congressional Action on College Football After Lane Kiffin Fiasco: ‘Isn’t Supposed to Be an NFL Lite’
Trump-backed Republican touts ‘great turnout for us’ in must-win special election for GOP
Senators vow push to prohibit US military action in Venezuela if Trump pursues strikes against the country
ICE nabs child rapists, gun-toting robbers as assaults on officers rise 1,153%
Venezuela land strikes will start ‘very soon,’ Trump says at final Cabinet meeting of the year
University of Delaware student accused of ‘frightening’ plot to attack campus police
Virginia GOP chairman stepping down after drastic losses in November elections
Treasury Department Investigating Apparent Taxpayer Funding of Terror Organization Under Biden and Walz
Trump says wounded National Guardsman’s mother has insisted to him that her son will survive shooting
Comer targets Walz in new House investigation, citing nearly $1B in alleged Minnesota fraud
Hakeem Jeffries Sides with Trump in Attempt to Drive a Wedge Between White House and Mike Johnson
Watch: Giants Kicker’s Bizarre Field Goal Blunder Leads to Confusion
Recordings of Brian Walshe played as prosecutors outline alleged love triangle murder
ICE Arrests Two Illegal Aliens for ‘Heinous Crimes Against Children’
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%
BREAKING: Afghan Shooter Pleads Not Guilty to All Charges in National Guard Murder Case
Chip Roy Floats Congressional Action on College Football After Lane Kiffin Fiasco: ‘Isn’t Supposed to Be an NFL Lite’
Trump-backed Republican touts ‘great turnout for us’ in must-win special election for GOP
Senators vow push to prohibit US military action in Venezuela if Trump pursues strikes against the country
ICE nabs child rapists, gun-toting robbers as assaults on officers rise 1,153%
Venezuela land strikes will start ‘very soon,’ Trump says at final Cabinet meeting of the year
University of Delaware student accused of ‘frightening’ plot to attack campus police
Virginia GOP chairman stepping down after drastic losses in November elections
Treasury Department Investigating Apparent Taxpayer Funding of Terror Organization Under Biden and Walz
Trump says wounded National Guardsman’s mother has insisted to him that her son will survive shooting
Comer targets Walz in new House investigation, citing nearly $1B in alleged Minnesota fraud
Hakeem Jeffries Sides with Trump in Attempt to Drive a Wedge Between White House and Mike Johnson
Watch: Giants Kicker’s Bizarre Field Goal Blunder Leads to Confusion
Recordings of Brian Walshe played as prosecutors outline alleged love triangle murder
ICE Arrests Two Illegal Aliens for ‘Heinous Crimes Against Children’
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.
BREAKING: Afghan Shooter Pleads Not Guilty to All Charges in National Guard Murder Case
Chip Roy Floats Congressional Action on College Football After Lane Kiffin Fiasco: ‘Isn’t Supposed to Be an NFL Lite’
Trump-backed Republican touts ‘great turnout for us’ in must-win special election for GOP
Senators vow push to prohibit US military action in Venezuela if Trump pursues strikes against the country
ICE nabs child rapists, gun-toting robbers as assaults on officers rise 1,153%
Venezuela land strikes will start ‘very soon,’ Trump says at final Cabinet meeting of the year
University of Delaware student accused of ‘frightening’ plot to attack campus police
Virginia GOP chairman stepping down after drastic losses in November elections
Treasury Department Investigating Apparent Taxpayer Funding of Terror Organization Under Biden and Walz
Trump says wounded National Guardsman’s mother has insisted to him that her son will survive shooting
Comer targets Walz in new House investigation, citing nearly $1B in alleged Minnesota fraud
Hakeem Jeffries Sides with Trump in Attempt to Drive a Wedge Between White House and Mike Johnson
Watch: Giants Kicker’s Bizarre Field Goal Blunder Leads to Confusion
Recordings of Brian Walshe played as prosecutors outline alleged love triangle murder
ICE Arrests Two Illegal Aliens for ‘Heinous Crimes Against Children’
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.
BREAKING: Afghan Shooter Pleads Not Guilty to All Charges in National Guard Murder Case
Chip Roy Floats Congressional Action on College Football After Lane Kiffin Fiasco: ‘Isn’t Supposed to Be an NFL Lite’
Trump-backed Republican touts ‘great turnout for us’ in must-win special election for GOP
Senators vow push to prohibit US military action in Venezuela if Trump pursues strikes against the country
ICE nabs child rapists, gun-toting robbers as assaults on officers rise 1,153%
Venezuela land strikes will start ‘very soon,’ Trump says at final Cabinet meeting of the year
University of Delaware student accused of ‘frightening’ plot to attack campus police
Virginia GOP chairman stepping down after drastic losses in November elections
Treasury Department Investigating Apparent Taxpayer Funding of Terror Organization Under Biden and Walz
Trump says wounded National Guardsman’s mother has insisted to him that her son will survive shooting
Comer targets Walz in new House investigation, citing nearly $1B in alleged Minnesota fraud
Hakeem Jeffries Sides with Trump in Attempt to Drive a Wedge Between White House and Mike Johnson
Watch: Giants Kicker’s Bizarre Field Goal Blunder Leads to Confusion
Recordings of Brian Walshe played as prosecutors outline alleged love triangle murder
ICE Arrests Two Illegal Aliens for ‘Heinous Crimes Against Children’
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.
