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…
Fight for Los Angeles mayor tightens up as Karen Bass, Spencer Pratt, and Nithya Raman make final pitch
Dem Mayor Offers Support to ‘Trans Period’ Event Featuring Free Undies
California GOP incumbents go to war in Trump loyalty test
Dem Gov Gets Rare Conservative Credit, Then Blows It With Embarrassing Victim Routine
NYC landlord pleads for help as ‘9-year-squatter’ continues to drain him dry in court saga: ‘Twilight Zone’
One southern city you’ve never heard of is growing faster than anywhere else in America
Retiring Senate Democrats open door to anti-filibuster successors
Ex-Iowa school superintendent sentenced to prison as an illegal alien found with firearms
Elderly couple fatally stabbed inside Queens apartment, no arrests made as investigation continues: report
ICE arrests illegal alien who allegedly faked asylum claim based on homosexuality, became Indiana jail officer
Hasan Piker says UK has barred him, trashes ‘unbelievable…power’ of pro-Israel groups
Pratt rallies supporters as Los Angeles mayoral race enters final stretch
Left-wing streamer blasts New Jersey governor over state police response at ICE facility protests
Man who warned coworkers ‘no one’s going home today’ gets prison term in fatal shooting
Scott Peterson’s longtime lawyer claims ‘new’ evidence could force courts to revisit his murder conviction
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Fight for Los Angeles mayor tightens up as Karen Bass, Spencer Pratt, and Nithya Raman make final pitch
Dem Mayor Offers Support to ‘Trans Period’ Event Featuring Free Undies
California GOP incumbents go to war in Trump loyalty test
Dem Gov Gets Rare Conservative Credit, Then Blows It With Embarrassing Victim Routine
NYC landlord pleads for help as ‘9-year-squatter’ continues to drain him dry in court saga: ‘Twilight Zone’
One southern city you’ve never heard of is growing faster than anywhere else in America
Retiring Senate Democrats open door to anti-filibuster successors
Ex-Iowa school superintendent sentenced to prison as an illegal alien found with firearms
Elderly couple fatally stabbed inside Queens apartment, no arrests made as investigation continues: report
ICE arrests illegal alien who allegedly faked asylum claim based on homosexuality, became Indiana jail officer
Hasan Piker says UK has barred him, trashes ‘unbelievable…power’ of pro-Israel groups
Pratt rallies supporters as Los Angeles mayoral race enters final stretch
Left-wing streamer blasts New Jersey governor over state police response at ICE facility protests
Man who warned coworkers ‘no one’s going home today’ gets prison term in fatal shooting
Scott Peterson’s longtime lawyer claims ‘new’ evidence could force courts to revisit his murder conviction
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%
Fight for Los Angeles mayor tightens up as Karen Bass, Spencer Pratt, and Nithya Raman make final pitch
Dem Mayor Offers Support to ‘Trans Period’ Event Featuring Free Undies
California GOP incumbents go to war in Trump loyalty test
Dem Gov Gets Rare Conservative Credit, Then Blows It With Embarrassing Victim Routine
NYC landlord pleads for help as ‘9-year-squatter’ continues to drain him dry in court saga: ‘Twilight Zone’
One southern city you’ve never heard of is growing faster than anywhere else in America
Retiring Senate Democrats open door to anti-filibuster successors
Ex-Iowa school superintendent sentenced to prison as an illegal alien found with firearms
Elderly couple fatally stabbed inside Queens apartment, no arrests made as investigation continues: report
ICE arrests illegal alien who allegedly faked asylum claim based on homosexuality, became Indiana jail officer
Hasan Piker says UK has barred him, trashes ‘unbelievable…power’ of pro-Israel groups
Pratt rallies supporters as Los Angeles mayoral race enters final stretch
Left-wing streamer blasts New Jersey governor over state police response at ICE facility protests
Man who warned coworkers ‘no one’s going home today’ gets prison term in fatal shooting
Scott Peterson’s longtime lawyer claims ‘new’ evidence could force courts to revisit his murder conviction
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.
Fight for Los Angeles mayor tightens up as Karen Bass, Spencer Pratt, and Nithya Raman make final pitch
Dem Mayor Offers Support to ‘Trans Period’ Event Featuring Free Undies
California GOP incumbents go to war in Trump loyalty test
Dem Gov Gets Rare Conservative Credit, Then Blows It With Embarrassing Victim Routine
NYC landlord pleads for help as ‘9-year-squatter’ continues to drain him dry in court saga: ‘Twilight Zone’
One southern city you’ve never heard of is growing faster than anywhere else in America
Retiring Senate Democrats open door to anti-filibuster successors
Ex-Iowa school superintendent sentenced to prison as an illegal alien found with firearms
Elderly couple fatally stabbed inside Queens apartment, no arrests made as investigation continues: report
ICE arrests illegal alien who allegedly faked asylum claim based on homosexuality, became Indiana jail officer
Hasan Piker says UK has barred him, trashes ‘unbelievable…power’ of pro-Israel groups
Pratt rallies supporters as Los Angeles mayoral race enters final stretch
Left-wing streamer blasts New Jersey governor over state police response at ICE facility protests
Man who warned coworkers ‘no one’s going home today’ gets prison term in fatal shooting
Scott Peterson’s longtime lawyer claims ‘new’ evidence could force courts to revisit his murder conviction
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.
Fight for Los Angeles mayor tightens up as Karen Bass, Spencer Pratt, and Nithya Raman make final pitch
Dem Mayor Offers Support to ‘Trans Period’ Event Featuring Free Undies
California GOP incumbents go to war in Trump loyalty test
Dem Gov Gets Rare Conservative Credit, Then Blows It With Embarrassing Victim Routine
NYC landlord pleads for help as ‘9-year-squatter’ continues to drain him dry in court saga: ‘Twilight Zone’
One southern city you’ve never heard of is growing faster than anywhere else in America
Retiring Senate Democrats open door to anti-filibuster successors
Ex-Iowa school superintendent sentenced to prison as an illegal alien found with firearms
Elderly couple fatally stabbed inside Queens apartment, no arrests made as investigation continues: report
ICE arrests illegal alien who allegedly faked asylum claim based on homosexuality, became Indiana jail officer
Hasan Piker says UK has barred him, trashes ‘unbelievable…power’ of pro-Israel groups
Pratt rallies supporters as Los Angeles mayoral race enters final stretch
Left-wing streamer blasts New Jersey governor over state police response at ICE facility protests
Man who warned coworkers ‘no one’s going home today’ gets prison term in fatal shooting
Scott Peterson’s longtime lawyer claims ‘new’ evidence could force courts to revisit his murder conviction
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.
