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…
Red State Reignites Redistricting Battle After Trump Lights a Fire Under Republican Leadership
Scott Jennings Delivers Perfect Retort When Asked About FBI Investigating Dems Who Told Military to Ignore Trump
Congress races against 3-week deadline to tackle massive year-end legislative agenda
Top 5 game-changers from the 2025 campaign trail
Swalwell Short-Circuits When Asked if Biological Men Should Stay Out of Women’s Bathrooms
Conservative Gettysburg College group catches student on video tearing down promotional flyers
The Response Was Telling: Scott Jennings Presses Democrat to Name Illegal Order Trump Issued
Chinese cyberattack campaign likely impacted every American, former FBI official says
NYT Says Illegal ‘Borrowed’ Identities from American Citizens to Commit Fraud, Fails to Report Exactly How Stolen IDs Can Be Returned
Male ‘Trans’ TSA Agent Wants to Pat Down Women So Bad He’s Filing a Lawsuit Over it
Massachusetts man accused of beating parents and setting home on fire, leaving them to die
Schumer accuses Trump of pushing US toward ‘foreign war’ with Venezuela
Mass shooting at Stockton, California, banquet hall leaves 4 dead, 10 wounded
Rep Troy Nehls, a Trump ally, will not seek re-election as twin brother announces campaign to replace him
Trump highlights federal law granting presidential power to halt immigration as crackdown escalates
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Red State Reignites Redistricting Battle After Trump Lights a Fire Under Republican Leadership
Scott Jennings Delivers Perfect Retort When Asked About FBI Investigating Dems Who Told Military to Ignore Trump
Congress races against 3-week deadline to tackle massive year-end legislative agenda
Top 5 game-changers from the 2025 campaign trail
Swalwell Short-Circuits When Asked if Biological Men Should Stay Out of Women’s Bathrooms
Conservative Gettysburg College group catches student on video tearing down promotional flyers
The Response Was Telling: Scott Jennings Presses Democrat to Name Illegal Order Trump Issued
Chinese cyberattack campaign likely impacted every American, former FBI official says
NYT Says Illegal ‘Borrowed’ Identities from American Citizens to Commit Fraud, Fails to Report Exactly How Stolen IDs Can Be Returned
Male ‘Trans’ TSA Agent Wants to Pat Down Women So Bad He’s Filing a Lawsuit Over it
Massachusetts man accused of beating parents and setting home on fire, leaving them to die
Schumer accuses Trump of pushing US toward ‘foreign war’ with Venezuela
Mass shooting at Stockton, California, banquet hall leaves 4 dead, 10 wounded
Rep Troy Nehls, a Trump ally, will not seek re-election as twin brother announces campaign to replace him
Trump highlights federal law granting presidential power to halt immigration as crackdown escalates
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%
Red State Reignites Redistricting Battle After Trump Lights a Fire Under Republican Leadership
Scott Jennings Delivers Perfect Retort When Asked About FBI Investigating Dems Who Told Military to Ignore Trump
Congress races against 3-week deadline to tackle massive year-end legislative agenda
Top 5 game-changers from the 2025 campaign trail
Swalwell Short-Circuits When Asked if Biological Men Should Stay Out of Women’s Bathrooms
Conservative Gettysburg College group catches student on video tearing down promotional flyers
The Response Was Telling: Scott Jennings Presses Democrat to Name Illegal Order Trump Issued
Chinese cyberattack campaign likely impacted every American, former FBI official says
NYT Says Illegal ‘Borrowed’ Identities from American Citizens to Commit Fraud, Fails to Report Exactly How Stolen IDs Can Be Returned
Male ‘Trans’ TSA Agent Wants to Pat Down Women So Bad He’s Filing a Lawsuit Over it
Massachusetts man accused of beating parents and setting home on fire, leaving them to die
Schumer accuses Trump of pushing US toward ‘foreign war’ with Venezuela
Mass shooting at Stockton, California, banquet hall leaves 4 dead, 10 wounded
Rep Troy Nehls, a Trump ally, will not seek re-election as twin brother announces campaign to replace him
Trump highlights federal law granting presidential power to halt immigration as crackdown escalates
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.
Red State Reignites Redistricting Battle After Trump Lights a Fire Under Republican Leadership
Scott Jennings Delivers Perfect Retort When Asked About FBI Investigating Dems Who Told Military to Ignore Trump
Congress races against 3-week deadline to tackle massive year-end legislative agenda
Top 5 game-changers from the 2025 campaign trail
Swalwell Short-Circuits When Asked if Biological Men Should Stay Out of Women’s Bathrooms
Conservative Gettysburg College group catches student on video tearing down promotional flyers
The Response Was Telling: Scott Jennings Presses Democrat to Name Illegal Order Trump Issued
Chinese cyberattack campaign likely impacted every American, former FBI official says
NYT Says Illegal ‘Borrowed’ Identities from American Citizens to Commit Fraud, Fails to Report Exactly How Stolen IDs Can Be Returned
Male ‘Trans’ TSA Agent Wants to Pat Down Women So Bad He’s Filing a Lawsuit Over it
Massachusetts man accused of beating parents and setting home on fire, leaving them to die
Schumer accuses Trump of pushing US toward ‘foreign war’ with Venezuela
Mass shooting at Stockton, California, banquet hall leaves 4 dead, 10 wounded
Rep Troy Nehls, a Trump ally, will not seek re-election as twin brother announces campaign to replace him
Trump highlights federal law granting presidential power to halt immigration as crackdown escalates
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.
Red State Reignites Redistricting Battle After Trump Lights a Fire Under Republican Leadership
Scott Jennings Delivers Perfect Retort When Asked About FBI Investigating Dems Who Told Military to Ignore Trump
Congress races against 3-week deadline to tackle massive year-end legislative agenda
Top 5 game-changers from the 2025 campaign trail
Swalwell Short-Circuits When Asked if Biological Men Should Stay Out of Women’s Bathrooms
Conservative Gettysburg College group catches student on video tearing down promotional flyers
The Response Was Telling: Scott Jennings Presses Democrat to Name Illegal Order Trump Issued
Chinese cyberattack campaign likely impacted every American, former FBI official says
NYT Says Illegal ‘Borrowed’ Identities from American Citizens to Commit Fraud, Fails to Report Exactly How Stolen IDs Can Be Returned
Male ‘Trans’ TSA Agent Wants to Pat Down Women So Bad He’s Filing a Lawsuit Over it
Massachusetts man accused of beating parents and setting home on fire, leaving them to die
Schumer accuses Trump of pushing US toward ‘foreign war’ with Venezuela
Mass shooting at Stockton, California, banquet hall leaves 4 dead, 10 wounded
Rep Troy Nehls, a Trump ally, will not seek re-election as twin brother announces campaign to replace him
Trump highlights federal law granting presidential power to halt immigration as crackdown escalates
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.
