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…
Video captures chaos erupting at NYC vigil for slain Ayatollah Khamenei as punches fly
Judge to allow sex offender to question witnesses in Virginia locker room case
California Rep. Darrell Issa to retire, endorses Jim Desmond to succeed him
Trump says US ‘doing very well’ in Iran nearly 1 week into joint action against Tehran
Biden says ‘I’m a h— of a lot smarter than most of you’ to crowd at Jesse Jackson’s funeral
NYC Reportedly Put Aside $400M for Dozens of ‘Ghost’ Schools that Never Opened
Emergency landing ends in tragedy as plane crashes on New Mexico golf course
US military carries out targeted strike on alleged narco-terrorist network in Ecuador
Trump Confirms He Will Withhold Endorsing Cornyn Until SAVE Act is On His Desk – He Also Makes Another Demand
Man accused of Iran-backed Trump assassination plot compared his plan to Butler shooting: FBI
ICE Arrests Illegal Alien in Idaho for Allegedly Trafficking Children Into State as Laborers
Miami developer accused of $85M fraud scheme, blowing investor cash on yacht, Rolex
Spanberger lashes out at Pentagon after Hegseth pulls colleges’ support over woke ‘ideologies’
Illegal Alien Charged With Fraudulently Voting in Crucial Swing State During 2024 Election
Florida Bar denies investigation into ex-US Attorney Lindsey Halligan
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Video captures chaos erupting at NYC vigil for slain Ayatollah Khamenei as punches fly
Judge to allow sex offender to question witnesses in Virginia locker room case
California Rep. Darrell Issa to retire, endorses Jim Desmond to succeed him
Trump says US ‘doing very well’ in Iran nearly 1 week into joint action against Tehran
Biden says ‘I’m a h— of a lot smarter than most of you’ to crowd at Jesse Jackson’s funeral
NYC Reportedly Put Aside $400M for Dozens of ‘Ghost’ Schools that Never Opened
Emergency landing ends in tragedy as plane crashes on New Mexico golf course
US military carries out targeted strike on alleged narco-terrorist network in Ecuador
Trump Confirms He Will Withhold Endorsing Cornyn Until SAVE Act is On His Desk – He Also Makes Another Demand
Man accused of Iran-backed Trump assassination plot compared his plan to Butler shooting: FBI
ICE Arrests Illegal Alien in Idaho for Allegedly Trafficking Children Into State as Laborers
Miami developer accused of $85M fraud scheme, blowing investor cash on yacht, Rolex
Spanberger lashes out at Pentagon after Hegseth pulls colleges’ support over woke ‘ideologies’
Illegal Alien Charged With Fraudulently Voting in Crucial Swing State During 2024 Election
Florida Bar denies investigation into ex-US Attorney Lindsey Halligan
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%
Video captures chaos erupting at NYC vigil for slain Ayatollah Khamenei as punches fly
Judge to allow sex offender to question witnesses in Virginia locker room case
California Rep. Darrell Issa to retire, endorses Jim Desmond to succeed him
Trump says US ‘doing very well’ in Iran nearly 1 week into joint action against Tehran
Biden says ‘I’m a h— of a lot smarter than most of you’ to crowd at Jesse Jackson’s funeral
NYC Reportedly Put Aside $400M for Dozens of ‘Ghost’ Schools that Never Opened
Emergency landing ends in tragedy as plane crashes on New Mexico golf course
US military carries out targeted strike on alleged narco-terrorist network in Ecuador
Trump Confirms He Will Withhold Endorsing Cornyn Until SAVE Act is On His Desk – He Also Makes Another Demand
Man accused of Iran-backed Trump assassination plot compared his plan to Butler shooting: FBI
ICE Arrests Illegal Alien in Idaho for Allegedly Trafficking Children Into State as Laborers
Miami developer accused of $85M fraud scheme, blowing investor cash on yacht, Rolex
Spanberger lashes out at Pentagon after Hegseth pulls colleges’ support over woke ‘ideologies’
Illegal Alien Charged With Fraudulently Voting in Crucial Swing State During 2024 Election
Florida Bar denies investigation into ex-US Attorney Lindsey Halligan
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.
Video captures chaos erupting at NYC vigil for slain Ayatollah Khamenei as punches fly
Judge to allow sex offender to question witnesses in Virginia locker room case
California Rep. Darrell Issa to retire, endorses Jim Desmond to succeed him
Trump says US ‘doing very well’ in Iran nearly 1 week into joint action against Tehran
Biden says ‘I’m a h— of a lot smarter than most of you’ to crowd at Jesse Jackson’s funeral
NYC Reportedly Put Aside $400M for Dozens of ‘Ghost’ Schools that Never Opened
Emergency landing ends in tragedy as plane crashes on New Mexico golf course
US military carries out targeted strike on alleged narco-terrorist network in Ecuador
Trump Confirms He Will Withhold Endorsing Cornyn Until SAVE Act is On His Desk – He Also Makes Another Demand
Man accused of Iran-backed Trump assassination plot compared his plan to Butler shooting: FBI
ICE Arrests Illegal Alien in Idaho for Allegedly Trafficking Children Into State as Laborers
Miami developer accused of $85M fraud scheme, blowing investor cash on yacht, Rolex
Spanberger lashes out at Pentagon after Hegseth pulls colleges’ support over woke ‘ideologies’
Illegal Alien Charged With Fraudulently Voting in Crucial Swing State During 2024 Election
Florida Bar denies investigation into ex-US Attorney Lindsey Halligan
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.
Video captures chaos erupting at NYC vigil for slain Ayatollah Khamenei as punches fly
Judge to allow sex offender to question witnesses in Virginia locker room case
California Rep. Darrell Issa to retire, endorses Jim Desmond to succeed him
Trump says US ‘doing very well’ in Iran nearly 1 week into joint action against Tehran
Biden says ‘I’m a h— of a lot smarter than most of you’ to crowd at Jesse Jackson’s funeral
NYC Reportedly Put Aside $400M for Dozens of ‘Ghost’ Schools that Never Opened
Emergency landing ends in tragedy as plane crashes on New Mexico golf course
US military carries out targeted strike on alleged narco-terrorist network in Ecuador
Trump Confirms He Will Withhold Endorsing Cornyn Until SAVE Act is On His Desk – He Also Makes Another Demand
Man accused of Iran-backed Trump assassination plot compared his plan to Butler shooting: FBI
ICE Arrests Illegal Alien in Idaho for Allegedly Trafficking Children Into State as Laborers
Miami developer accused of $85M fraud scheme, blowing investor cash on yacht, Rolex
Spanberger lashes out at Pentagon after Hegseth pulls colleges’ support over woke ‘ideologies’
Illegal Alien Charged With Fraudulently Voting in Crucial Swing State During 2024 Election
Florida Bar denies investigation into ex-US Attorney Lindsey Halligan
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.
