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…
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Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
MN Dem Sen candidate in hot seat over upcoming event hosted by man enveloped in fraud scandal: ‘Red flags’
Thune’s midterm crossroads: Keep the Senate working or let candidates campaign
Republicans face brutal midterm headwinds. Six forces could help them defy history.
Parents accuse Oregon hospital of making them drive dead baby home to Seattle: lawsuit
Tennessee cops raided man’s home after he criticized officer for speeding: lawsuit
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Illegal alien allegedly grabs school police officer’s gun, shoots him in femoral artery: DOJ
Previously Deported Illegal Alien Charged with Horrific Crimes Against Louisiana Child
One of the Left’s Favorite Podcasters Calls Christian Conservatives a ‘Cancer’ to America
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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%
MN Dem Sen candidate in hot seat over upcoming event hosted by man enveloped in fraud scandal: ‘Red flags’
Thune’s midterm crossroads: Keep the Senate working or let candidates campaign
Republicans face brutal midterm headwinds. Six forces could help them defy history.
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Pure Evil: Missouri Mother Pleads Out After Baking Tiny Baby to Death in Oven – Her Sentence Proves Society Has Lost Its Way
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Previously Deported Illegal Alien Charged with Horrific Crimes Against Louisiana Child
One of the Left’s Favorite Podcasters Calls Christian Conservatives a ‘Cancer’ to America
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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.
MN Dem Sen candidate in hot seat over upcoming event hosted by man enveloped in fraud scandal: ‘Red flags’
Thune’s midterm crossroads: Keep the Senate working or let candidates campaign
Republicans face brutal midterm headwinds. Six forces could help them defy history.
Parents accuse Oregon hospital of making them drive dead baby home to Seattle: lawsuit
Tennessee cops raided man’s home after he criticized officer for speeding: lawsuit
Pure Evil: Missouri Mother Pleads Out After Baking Tiny Baby to Death in Oven – Her Sentence Proves Society Has Lost Its Way
Illegal alien allegedly grabs school police officer’s gun, shoots him in femoral artery: DOJ
Previously Deported Illegal Alien Charged with Horrific Crimes Against Louisiana Child
One of the Left’s Favorite Podcasters Calls Christian Conservatives a ‘Cancer’ to America
Michigan student confronts El-Sayed over Iran stance in tense exchange: ‘Do you stand with us?’
NYC kitten rescue defends ‘NO F—ING MAGA’ adoption policy as PETA calls for it to be abolished
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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.
MN Dem Sen candidate in hot seat over upcoming event hosted by man enveloped in fraud scandal: ‘Red flags’
Thune’s midterm crossroads: Keep the Senate working or let candidates campaign
Republicans face brutal midterm headwinds. Six forces could help them defy history.
Parents accuse Oregon hospital of making them drive dead baby home to Seattle: lawsuit
Tennessee cops raided man’s home after he criticized officer for speeding: lawsuit
Pure Evil: Missouri Mother Pleads Out After Baking Tiny Baby to Death in Oven – Her Sentence Proves Society Has Lost Its Way
Illegal alien allegedly grabs school police officer’s gun, shoots him in femoral artery: DOJ
Previously Deported Illegal Alien Charged with Horrific Crimes Against Louisiana Child
One of the Left’s Favorite Podcasters Calls Christian Conservatives a ‘Cancer’ to America
Michigan student confronts El-Sayed over Iran stance in tense exchange: ‘Do you stand with us?’
NYC kitten rescue defends ‘NO F—ING MAGA’ adoption policy as PETA calls for it to be abolished
Soft-on-Crime DA Called ‘Bloody Mary’ Caught Trying to Toss Child-Killer’s Life Sentence Because It’s Just Not Fair
Tylenol murders mystery deepens after sheriff’s office solves decades-old ‘Unknown Wanderer’ cold case
Woke Liberal Busted Pretending to Be Palestinian Apologizes: ‘I Am a White Woman of Significant Privilege’
Local Virginia GOP chair says Arlington County officials prioritize illegal immigrants over public safety
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.
