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…
Steve Hilton launches ad mocking Xavier Becerra’s ’36 years’ as a career politician in California gov race
WATCH – Smug Dem Rep’s Face Goes Totally Blank After a Cool Sec. Bessent Educates Him About His Own Branch of Government
GRAPHIC: The Excuse This Islamist Gives for Raping 250 Women Shows Why Islam and the West Can’t Exist Together
Vance Enrages Starmer with His Condemnation of the Police Response to Henry Nowak’s Murder
Pennsylvania AG explains why state leads nation in Medicaid fraud convictions while others battle mass schemes
Veteran-founded bourbon brand wins $25,000 Fox Business contest: ‘Sip to remember’
Witnesses in Karmelo Anthony murder trial confirm Austin Metcalf’s words immediately after attack
Trump issues pardon to former Republican congressman convicted of insider trading
The Way to Save Education Is Through School Choice
Christians Are Being Hunted Like Sport
Indian Christians Face Rising Levels of Persecution as Hindu Nationalism Grows
Auburn student Weston Higginbotham found dead in Japan after weeklong search, mom confirms
Platner supporter Khanna calls Senate hopeful’s past relationships ‘toxic,’ but says he deserves ‘redemption’
Six Flags Bans Popular YouTuber ‘For Life’ After Viral Chicken McNugget Video
National Park Service ranger dies after falling into crevasse on Mount McKinley during climbing patrol
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Steve Hilton launches ad mocking Xavier Becerra’s ’36 years’ as a career politician in California gov race
WATCH – Smug Dem Rep’s Face Goes Totally Blank After a Cool Sec. Bessent Educates Him About His Own Branch of Government
GRAPHIC: The Excuse This Islamist Gives for Raping 250 Women Shows Why Islam and the West Can’t Exist Together
Vance Enrages Starmer with His Condemnation of the Police Response to Henry Nowak’s Murder
Pennsylvania AG explains why state leads nation in Medicaid fraud convictions while others battle mass schemes
Veteran-founded bourbon brand wins $25,000 Fox Business contest: ‘Sip to remember’
Witnesses in Karmelo Anthony murder trial confirm Austin Metcalf’s words immediately after attack
Trump issues pardon to former Republican congressman convicted of insider trading
The Way to Save Education Is Through School Choice
Christians Are Being Hunted Like Sport
Indian Christians Face Rising Levels of Persecution as Hindu Nationalism Grows
Auburn student Weston Higginbotham found dead in Japan after weeklong search, mom confirms
Platner supporter Khanna calls Senate hopeful’s past relationships ‘toxic,’ but says he deserves ‘redemption’
Six Flags Bans Popular YouTuber ‘For Life’ After Viral Chicken McNugget Video
National Park Service ranger dies after falling into crevasse on Mount McKinley during climbing patrol
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%
Steve Hilton launches ad mocking Xavier Becerra’s ’36 years’ as a career politician in California gov race
WATCH – Smug Dem Rep’s Face Goes Totally Blank After a Cool Sec. Bessent Educates Him About His Own Branch of Government
GRAPHIC: The Excuse This Islamist Gives for Raping 250 Women Shows Why Islam and the West Can’t Exist Together
Vance Enrages Starmer with His Condemnation of the Police Response to Henry Nowak’s Murder
Pennsylvania AG explains why state leads nation in Medicaid fraud convictions while others battle mass schemes
Veteran-founded bourbon brand wins $25,000 Fox Business contest: ‘Sip to remember’
Witnesses in Karmelo Anthony murder trial confirm Austin Metcalf’s words immediately after attack
Trump issues pardon to former Republican congressman convicted of insider trading
The Way to Save Education Is Through School Choice
Christians Are Being Hunted Like Sport
Indian Christians Face Rising Levels of Persecution as Hindu Nationalism Grows
Auburn student Weston Higginbotham found dead in Japan after weeklong search, mom confirms
Platner supporter Khanna calls Senate hopeful’s past relationships ‘toxic,’ but says he deserves ‘redemption’
Six Flags Bans Popular YouTuber ‘For Life’ After Viral Chicken McNugget Video
National Park Service ranger dies after falling into crevasse on Mount McKinley during climbing patrol
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.
Steve Hilton launches ad mocking Xavier Becerra’s ’36 years’ as a career politician in California gov race
WATCH – Smug Dem Rep’s Face Goes Totally Blank After a Cool Sec. Bessent Educates Him About His Own Branch of Government
GRAPHIC: The Excuse This Islamist Gives for Raping 250 Women Shows Why Islam and the West Can’t Exist Together
Vance Enrages Starmer with His Condemnation of the Police Response to Henry Nowak’s Murder
Pennsylvania AG explains why state leads nation in Medicaid fraud convictions while others battle mass schemes
Veteran-founded bourbon brand wins $25,000 Fox Business contest: ‘Sip to remember’
Witnesses in Karmelo Anthony murder trial confirm Austin Metcalf’s words immediately after attack
Trump issues pardon to former Republican congressman convicted of insider trading
The Way to Save Education Is Through School Choice
Christians Are Being Hunted Like Sport
Indian Christians Face Rising Levels of Persecution as Hindu Nationalism Grows
Auburn student Weston Higginbotham found dead in Japan after weeklong search, mom confirms
Platner supporter Khanna calls Senate hopeful’s past relationships ‘toxic,’ but says he deserves ‘redemption’
Six Flags Bans Popular YouTuber ‘For Life’ After Viral Chicken McNugget Video
National Park Service ranger dies after falling into crevasse on Mount McKinley during climbing patrol
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.
Steve Hilton launches ad mocking Xavier Becerra’s ’36 years’ as a career politician in California gov race
WATCH – Smug Dem Rep’s Face Goes Totally Blank After a Cool Sec. Bessent Educates Him About His Own Branch of Government
GRAPHIC: The Excuse This Islamist Gives for Raping 250 Women Shows Why Islam and the West Can’t Exist Together
Vance Enrages Starmer with His Condemnation of the Police Response to Henry Nowak’s Murder
Pennsylvania AG explains why state leads nation in Medicaid fraud convictions while others battle mass schemes
Veteran-founded bourbon brand wins $25,000 Fox Business contest: ‘Sip to remember’
Witnesses in Karmelo Anthony murder trial confirm Austin Metcalf’s words immediately after attack
Trump issues pardon to former Republican congressman convicted of insider trading
The Way to Save Education Is Through School Choice
Christians Are Being Hunted Like Sport
Indian Christians Face Rising Levels of Persecution as Hindu Nationalism Grows
Auburn student Weston Higginbotham found dead in Japan after weeklong search, mom confirms
Platner supporter Khanna calls Senate hopeful’s past relationships ‘toxic,’ but says he deserves ‘redemption’
Six Flags Bans Popular YouTuber ‘For Life’ After Viral Chicken McNugget Video
National Park Service ranger dies after falling into crevasse on Mount McKinley during climbing patrol
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.
