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…
Foreign hackers breach two more US water utilities, threaten safety of Colorado residents
Illegal immigrant arrested in Indiana for allegedly voting in federal election: DHS
Federal ban on handgun sales for young adults cannot be enforced, DOJ finds
EU floats even more ‘associate members’ as diplomats dismiss vague proposal as ‘middle power bulls***’
El Sayed says he and Harris have ‘come together’ after Biden administration’s struggle with pro-Palestinian wing
New Netflix Kids Movie Slammed as ‘One of the Most Satanic Inversions’
GOP lawmakers smell something else behind Big Tech’s AI doomsday warnings: ‘Something else going on’
‘As a Lifelong Democrat, I Am Ashamed’: Mom Blasts Her Party After Illegal Kills Her Son and His New Bride
Young swing-state voters cozy up to Democratic Socialists, say party establishment must ‘learn’ from DSA wins
European Leaders in Panic Mode Over Pete Hegseth’s Military Plans for the Region: Report
DEI Dies at Starbucks, but Not Before They Have to Pay Big Fine for Discrimination by Race, Sex in Florida
Ex-Dem insider reveals why Biden’s daughter threatened to sue her: ‘Bordered on parody’
Flock CEO, tech rivals called to testify before senators over AI camera privacy concerns
Federal judges reveal private coordination behind Trump immigration cases and more top headlines
Watch: Jelly Roll 2.0 – Blue Collar Comedy Legend Ron White Attacks TX Republicans – This After Trashing Trump Online
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Foreign hackers breach two more US water utilities, threaten safety of Colorado residents
Illegal immigrant arrested in Indiana for allegedly voting in federal election: DHS
Federal ban on handgun sales for young adults cannot be enforced, DOJ finds
EU floats even more ‘associate members’ as diplomats dismiss vague proposal as ‘middle power bulls***’
El Sayed says he and Harris have ‘come together’ after Biden administration’s struggle with pro-Palestinian wing
New Netflix Kids Movie Slammed as ‘One of the Most Satanic Inversions’
GOP lawmakers smell something else behind Big Tech’s AI doomsday warnings: ‘Something else going on’
‘As a Lifelong Democrat, I Am Ashamed’: Mom Blasts Her Party After Illegal Kills Her Son and His New Bride
Young swing-state voters cozy up to Democratic Socialists, say party establishment must ‘learn’ from DSA wins
European Leaders in Panic Mode Over Pete Hegseth’s Military Plans for the Region: Report
DEI Dies at Starbucks, but Not Before They Have to Pay Big Fine for Discrimination by Race, Sex in Florida
Ex-Dem insider reveals why Biden’s daughter threatened to sue her: ‘Bordered on parody’
Flock CEO, tech rivals called to testify before senators over AI camera privacy concerns
Federal judges reveal private coordination behind Trump immigration cases and more top headlines
Watch: Jelly Roll 2.0 – Blue Collar Comedy Legend Ron White Attacks TX Republicans – This After Trashing Trump Online
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%
Foreign hackers breach two more US water utilities, threaten safety of Colorado residents
Illegal immigrant arrested in Indiana for allegedly voting in federal election: DHS
Federal ban on handgun sales for young adults cannot be enforced, DOJ finds
EU floats even more ‘associate members’ as diplomats dismiss vague proposal as ‘middle power bulls***’
El Sayed says he and Harris have ‘come together’ after Biden administration’s struggle with pro-Palestinian wing
New Netflix Kids Movie Slammed as ‘One of the Most Satanic Inversions’
GOP lawmakers smell something else behind Big Tech’s AI doomsday warnings: ‘Something else going on’
‘As a Lifelong Democrat, I Am Ashamed’: Mom Blasts Her Party After Illegal Kills Her Son and His New Bride
Young swing-state voters cozy up to Democratic Socialists, say party establishment must ‘learn’ from DSA wins
European Leaders in Panic Mode Over Pete Hegseth’s Military Plans for the Region: Report
DEI Dies at Starbucks, but Not Before They Have to Pay Big Fine for Discrimination by Race, Sex in Florida
Ex-Dem insider reveals why Biden’s daughter threatened to sue her: ‘Bordered on parody’
Flock CEO, tech rivals called to testify before senators over AI camera privacy concerns
Federal judges reveal private coordination behind Trump immigration cases and more top headlines
Watch: Jelly Roll 2.0 – Blue Collar Comedy Legend Ron White Attacks TX Republicans – This After Trashing Trump Online
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.
Foreign hackers breach two more US water utilities, threaten safety of Colorado residents
Illegal immigrant arrested in Indiana for allegedly voting in federal election: DHS
Federal ban on handgun sales for young adults cannot be enforced, DOJ finds
EU floats even more ‘associate members’ as diplomats dismiss vague proposal as ‘middle power bulls***’
El Sayed says he and Harris have ‘come together’ after Biden administration’s struggle with pro-Palestinian wing
New Netflix Kids Movie Slammed as ‘One of the Most Satanic Inversions’
GOP lawmakers smell something else behind Big Tech’s AI doomsday warnings: ‘Something else going on’
‘As a Lifelong Democrat, I Am Ashamed’: Mom Blasts Her Party After Illegal Kills Her Son and His New Bride
Young swing-state voters cozy up to Democratic Socialists, say party establishment must ‘learn’ from DSA wins
European Leaders in Panic Mode Over Pete Hegseth’s Military Plans for the Region: Report
DEI Dies at Starbucks, but Not Before They Have to Pay Big Fine for Discrimination by Race, Sex in Florida
Ex-Dem insider reveals why Biden’s daughter threatened to sue her: ‘Bordered on parody’
Flock CEO, tech rivals called to testify before senators over AI camera privacy concerns
Federal judges reveal private coordination behind Trump immigration cases and more top headlines
Watch: Jelly Roll 2.0 – Blue Collar Comedy Legend Ron White Attacks TX Republicans – This After Trashing Trump Online
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.
Foreign hackers breach two more US water utilities, threaten safety of Colorado residents
Illegal immigrant arrested in Indiana for allegedly voting in federal election: DHS
Federal ban on handgun sales for young adults cannot be enforced, DOJ finds
EU floats even more ‘associate members’ as diplomats dismiss vague proposal as ‘middle power bulls***’
El Sayed says he and Harris have ‘come together’ after Biden administration’s struggle with pro-Palestinian wing
New Netflix Kids Movie Slammed as ‘One of the Most Satanic Inversions’
GOP lawmakers smell something else behind Big Tech’s AI doomsday warnings: ‘Something else going on’
‘As a Lifelong Democrat, I Am Ashamed’: Mom Blasts Her Party After Illegal Kills Her Son and His New Bride
Young swing-state voters cozy up to Democratic Socialists, say party establishment must ‘learn’ from DSA wins
European Leaders in Panic Mode Over Pete Hegseth’s Military Plans for the Region: Report
DEI Dies at Starbucks, but Not Before They Have to Pay Big Fine for Discrimination by Race, Sex in Florida
Ex-Dem insider reveals why Biden’s daughter threatened to sue her: ‘Bordered on parody’
Flock CEO, tech rivals called to testify before senators over AI camera privacy concerns
Federal judges reveal private coordination behind Trump immigration cases and more top headlines
Watch: Jelly Roll 2.0 – Blue Collar Comedy Legend Ron White Attacks TX Republicans – This After Trashing Trump Online
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.
