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…
New Jersey town reveals staggering $26M theft days after election, sparking backlash
Three teens, adult charged with murder after woman finds her teenage son dead in abandoned home
Two experienced skydivers die after midair collision entangles their parachutes
Betting Markets’ Midterm Predictions Were Dead On: Now They’re Saying DeSantis’s Odds of Becoming POTUS Are Skyrocketing
Chiefs Star Goes Bankrupt Mid-Season, Pawns Super Bowl Ring as Collateral
Housing Market Struggles May Signal Incoming Economic Crisis
Young Actress Reveals She Was Offered Cocaine at Hollywood Wrap Party at 11 Years Old
Ex-police officer accused of stabbing NYC jogger to death appears emotionless in new photos
Gun Rights Under Imminent Threat as Blue Wave Positions Dems to Revive Firearm Crackdown
Rubio defends Trump’s Iran decision: ‘Elected to do the hard things’
Melania Trump secures $7.2M for foster care scholarships at LSU ahead of Alabama showdown
DeSantis Slams Vivek Ramaswamy’s Disastrous Ohio Campaign: ‘How Bad Did They Beat Vivek? Like a Drum!’
DeSantis Gives Another Powerful Rebuke of GOP’s Strategy: ‘Screaming Socialism’ Doesn’t Work
Election Recap: Despite the GOP’s Massive Losses, Data Buried in Tuesday’s Results Show Voters Are Clamoring for Conservative Policies
‘Dig Him Up and Do It Again’: Popular Podcaster Loses Droves of Sponsors Over Celebrating How Charlie Kirk’s Murder Led to Blue Wave
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
New Jersey town reveals staggering $26M theft days after election, sparking backlash
Three teens, adult charged with murder after woman finds her teenage son dead in abandoned home
Two experienced skydivers die after midair collision entangles their parachutes
Betting Markets’ Midterm Predictions Were Dead On: Now They’re Saying DeSantis’s Odds of Becoming POTUS Are Skyrocketing
Chiefs Star Goes Bankrupt Mid-Season, Pawns Super Bowl Ring as Collateral
Housing Market Struggles May Signal Incoming Economic Crisis
Young Actress Reveals She Was Offered Cocaine at Hollywood Wrap Party at 11 Years Old
Ex-police officer accused of stabbing NYC jogger to death appears emotionless in new photos
Gun Rights Under Imminent Threat as Blue Wave Positions Dems to Revive Firearm Crackdown
Rubio defends Trump’s Iran decision: ‘Elected to do the hard things’
Melania Trump secures $7.2M for foster care scholarships at LSU ahead of Alabama showdown
DeSantis Slams Vivek Ramaswamy’s Disastrous Ohio Campaign: ‘How Bad Did They Beat Vivek? Like a Drum!’
DeSantis Gives Another Powerful Rebuke of GOP’s Strategy: ‘Screaming Socialism’ Doesn’t Work
Election Recap: Despite the GOP’s Massive Losses, Data Buried in Tuesday’s Results Show Voters Are Clamoring for Conservative Policies
‘Dig Him Up and Do It Again’: Popular Podcaster Loses Droves of Sponsors Over Celebrating How Charlie Kirk’s Murder Led to Blue Wave
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%
New Jersey town reveals staggering $26M theft days after election, sparking backlash
Three teens, adult charged with murder after woman finds her teenage son dead in abandoned home
Two experienced skydivers die after midair collision entangles their parachutes
Betting Markets’ Midterm Predictions Were Dead On: Now They’re Saying DeSantis’s Odds of Becoming POTUS Are Skyrocketing
Chiefs Star Goes Bankrupt Mid-Season, Pawns Super Bowl Ring as Collateral
Housing Market Struggles May Signal Incoming Economic Crisis
Young Actress Reveals She Was Offered Cocaine at Hollywood Wrap Party at 11 Years Old
Ex-police officer accused of stabbing NYC jogger to death appears emotionless in new photos
Gun Rights Under Imminent Threat as Blue Wave Positions Dems to Revive Firearm Crackdown
Rubio defends Trump’s Iran decision: ‘Elected to do the hard things’
Melania Trump secures $7.2M for foster care scholarships at LSU ahead of Alabama showdown
DeSantis Slams Vivek Ramaswamy’s Disastrous Ohio Campaign: ‘How Bad Did They Beat Vivek? Like a Drum!’
DeSantis Gives Another Powerful Rebuke of GOP’s Strategy: ‘Screaming Socialism’ Doesn’t Work
Election Recap: Despite the GOP’s Massive Losses, Data Buried in Tuesday’s Results Show Voters Are Clamoring for Conservative Policies
‘Dig Him Up and Do It Again’: Popular Podcaster Loses Droves of Sponsors Over Celebrating How Charlie Kirk’s Murder Led to Blue Wave
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.
New Jersey town reveals staggering $26M theft days after election, sparking backlash
Three teens, adult charged with murder after woman finds her teenage son dead in abandoned home
Two experienced skydivers die after midair collision entangles their parachutes
Betting Markets’ Midterm Predictions Were Dead On: Now They’re Saying DeSantis’s Odds of Becoming POTUS Are Skyrocketing
Chiefs Star Goes Bankrupt Mid-Season, Pawns Super Bowl Ring as Collateral
Housing Market Struggles May Signal Incoming Economic Crisis
Young Actress Reveals She Was Offered Cocaine at Hollywood Wrap Party at 11 Years Old
Ex-police officer accused of stabbing NYC jogger to death appears emotionless in new photos
Gun Rights Under Imminent Threat as Blue Wave Positions Dems to Revive Firearm Crackdown
Rubio defends Trump’s Iran decision: ‘Elected to do the hard things’
Melania Trump secures $7.2M for foster care scholarships at LSU ahead of Alabama showdown
DeSantis Slams Vivek Ramaswamy’s Disastrous Ohio Campaign: ‘How Bad Did They Beat Vivek? Like a Drum!’
DeSantis Gives Another Powerful Rebuke of GOP’s Strategy: ‘Screaming Socialism’ Doesn’t Work
Election Recap: Despite the GOP’s Massive Losses, Data Buried in Tuesday’s Results Show Voters Are Clamoring for Conservative Policies
‘Dig Him Up and Do It Again’: Popular Podcaster Loses Droves of Sponsors Over Celebrating How Charlie Kirk’s Murder Led to Blue Wave
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.
New Jersey town reveals staggering $26M theft days after election, sparking backlash
Three teens, adult charged with murder after woman finds her teenage son dead in abandoned home
Two experienced skydivers die after midair collision entangles their parachutes
Betting Markets’ Midterm Predictions Were Dead On: Now They’re Saying DeSantis’s Odds of Becoming POTUS Are Skyrocketing
Chiefs Star Goes Bankrupt Mid-Season, Pawns Super Bowl Ring as Collateral
Housing Market Struggles May Signal Incoming Economic Crisis
Young Actress Reveals She Was Offered Cocaine at Hollywood Wrap Party at 11 Years Old
Ex-police officer accused of stabbing NYC jogger to death appears emotionless in new photos
Gun Rights Under Imminent Threat as Blue Wave Positions Dems to Revive Firearm Crackdown
Rubio defends Trump’s Iran decision: ‘Elected to do the hard things’
Melania Trump secures $7.2M for foster care scholarships at LSU ahead of Alabama showdown
DeSantis Slams Vivek Ramaswamy’s Disastrous Ohio Campaign: ‘How Bad Did They Beat Vivek? Like a Drum!’
DeSantis Gives Another Powerful Rebuke of GOP’s Strategy: ‘Screaming Socialism’ Doesn’t Work
Election Recap: Despite the GOP’s Massive Losses, Data Buried in Tuesday’s Results Show Voters Are Clamoring for Conservative Policies
‘Dig Him Up and Do It Again’: Popular Podcaster Loses Droves of Sponsors Over Celebrating How Charlie Kirk’s Murder Led to Blue Wave
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.
