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…
Trump Wins Again: Final Epstein Docs Nail Huge Dems, Dem Supporters, and Anti-Trumpers – Here Are the Top 7 (Plus 5 Smug Leftist Celebs from the Earlier Docs)
Trump speaks with Chinese President Xi Jinping on range of issues including Russia-Ukraine war
Trump’s Iran threats face ‘Obama red line’ test as White House pivots to diplomacy
Afghan national accused in DC National Guard shooting pleads not guilty, prosecutors may seek death penalty
Alert: Mitch McConnell, 83, Has Been Hospitalized According to His Office
Ohio woman convicted in shooting of bystander during New Year’s love triangle dispute
Former Capitol Police officer running for Congress in different district than failed 2024 bid
Federal judge grills DOJ lawyers over censure of Democratic senator
Video: Joy Behar Compares Cities Church to Dachau Concentration Camp Where Jews Were Frozen Alive – Single Most Evil Thing Ever Said on ‘The View’
Patriots QB Drake Maye Quotes Bible at Super Bowl Media Day, Hopes to Lead Others to Jesus
Vote ‘no’ but take the dough: Senate Democrats claim credit for bill they opposed
Newsom’s PAC takes cash from firm promising to win state contracts for clients
Judge rules federal agents must limit tear gas at protests near Portland ICE building
Trump admin sued by New York, New Jersey over Hudson River tunnel funding freeze: ‘See you in court’
Girl, 12, dangles from ski chairlift in California before crashing to ground in terrifying video
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Trump Wins Again: Final Epstein Docs Nail Huge Dems, Dem Supporters, and Anti-Trumpers – Here Are the Top 7 (Plus 5 Smug Leftist Celebs from the Earlier Docs)
Trump speaks with Chinese President Xi Jinping on range of issues including Russia-Ukraine war
Trump’s Iran threats face ‘Obama red line’ test as White House pivots to diplomacy
Afghan national accused in DC National Guard shooting pleads not guilty, prosecutors may seek death penalty
Alert: Mitch McConnell, 83, Has Been Hospitalized According to His Office
Ohio woman convicted in shooting of bystander during New Year’s love triangle dispute
Former Capitol Police officer running for Congress in different district than failed 2024 bid
Federal judge grills DOJ lawyers over censure of Democratic senator
Video: Joy Behar Compares Cities Church to Dachau Concentration Camp Where Jews Were Frozen Alive – Single Most Evil Thing Ever Said on ‘The View’
Patriots QB Drake Maye Quotes Bible at Super Bowl Media Day, Hopes to Lead Others to Jesus
Vote ‘no’ but take the dough: Senate Democrats claim credit for bill they opposed
Newsom’s PAC takes cash from firm promising to win state contracts for clients
Judge rules federal agents must limit tear gas at protests near Portland ICE building
Trump admin sued by New York, New Jersey over Hudson River tunnel funding freeze: ‘See you in court’
Girl, 12, dangles from ski chairlift in California before crashing to ground in terrifying video
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%
Trump Wins Again: Final Epstein Docs Nail Huge Dems, Dem Supporters, and Anti-Trumpers – Here Are the Top 7 (Plus 5 Smug Leftist Celebs from the Earlier Docs)
Trump speaks with Chinese President Xi Jinping on range of issues including Russia-Ukraine war
Trump’s Iran threats face ‘Obama red line’ test as White House pivots to diplomacy
Afghan national accused in DC National Guard shooting pleads not guilty, prosecutors may seek death penalty
Alert: Mitch McConnell, 83, Has Been Hospitalized According to His Office
Ohio woman convicted in shooting of bystander during New Year’s love triangle dispute
Former Capitol Police officer running for Congress in different district than failed 2024 bid
Federal judge grills DOJ lawyers over censure of Democratic senator
Video: Joy Behar Compares Cities Church to Dachau Concentration Camp Where Jews Were Frozen Alive – Single Most Evil Thing Ever Said on ‘The View’
Patriots QB Drake Maye Quotes Bible at Super Bowl Media Day, Hopes to Lead Others to Jesus
Vote ‘no’ but take the dough: Senate Democrats claim credit for bill they opposed
Newsom’s PAC takes cash from firm promising to win state contracts for clients
Judge rules federal agents must limit tear gas at protests near Portland ICE building
Trump admin sued by New York, New Jersey over Hudson River tunnel funding freeze: ‘See you in court’
Girl, 12, dangles from ski chairlift in California before crashing to ground in terrifying video
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.
Trump Wins Again: Final Epstein Docs Nail Huge Dems, Dem Supporters, and Anti-Trumpers – Here Are the Top 7 (Plus 5 Smug Leftist Celebs from the Earlier Docs)
Trump speaks with Chinese President Xi Jinping on range of issues including Russia-Ukraine war
Trump’s Iran threats face ‘Obama red line’ test as White House pivots to diplomacy
Afghan national accused in DC National Guard shooting pleads not guilty, prosecutors may seek death penalty
Alert: Mitch McConnell, 83, Has Been Hospitalized According to His Office
Ohio woman convicted in shooting of bystander during New Year’s love triangle dispute
Former Capitol Police officer running for Congress in different district than failed 2024 bid
Federal judge grills DOJ lawyers over censure of Democratic senator
Video: Joy Behar Compares Cities Church to Dachau Concentration Camp Where Jews Were Frozen Alive – Single Most Evil Thing Ever Said on ‘The View’
Patriots QB Drake Maye Quotes Bible at Super Bowl Media Day, Hopes to Lead Others to Jesus
Vote ‘no’ but take the dough: Senate Democrats claim credit for bill they opposed
Newsom’s PAC takes cash from firm promising to win state contracts for clients
Judge rules federal agents must limit tear gas at protests near Portland ICE building
Trump admin sued by New York, New Jersey over Hudson River tunnel funding freeze: ‘See you in court’
Girl, 12, dangles from ski chairlift in California before crashing to ground in terrifying video
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.
Trump Wins Again: Final Epstein Docs Nail Huge Dems, Dem Supporters, and Anti-Trumpers – Here Are the Top 7 (Plus 5 Smug Leftist Celebs from the Earlier Docs)
Trump speaks with Chinese President Xi Jinping on range of issues including Russia-Ukraine war
Trump’s Iran threats face ‘Obama red line’ test as White House pivots to diplomacy
Afghan national accused in DC National Guard shooting pleads not guilty, prosecutors may seek death penalty
Alert: Mitch McConnell, 83, Has Been Hospitalized According to His Office
Ohio woman convicted in shooting of bystander during New Year’s love triangle dispute
Former Capitol Police officer running for Congress in different district than failed 2024 bid
Federal judge grills DOJ lawyers over censure of Democratic senator
Video: Joy Behar Compares Cities Church to Dachau Concentration Camp Where Jews Were Frozen Alive – Single Most Evil Thing Ever Said on ‘The View’
Patriots QB Drake Maye Quotes Bible at Super Bowl Media Day, Hopes to Lead Others to Jesus
Vote ‘no’ but take the dough: Senate Democrats claim credit for bill they opposed
Newsom’s PAC takes cash from firm promising to win state contracts for clients
Judge rules federal agents must limit tear gas at protests near Portland ICE building
Trump admin sued by New York, New Jersey over Hudson River tunnel funding freeze: ‘See you in court’
Girl, 12, dangles from ski chairlift in California before crashing to ground in terrifying video
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.
