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…
‘Squad’ rakes in record $2.35M while slamming the door on cop donations
Haley Stevens appears alongside GOP rival Mike Rogers at Detroit church
Revealing Detail Found Buried in ‘Ilhan Omar’ Memoir: She Was Taught at a Young Age to Lie About Her Family
Tech Titan Blasted for Using AI to Come up With 3 Things That Makes Her Daughter Special on Her 10th Birthday
Wyoming mom reported missing after not picking up kids; sister, police search for answers
Watch: YouTuber Separates Conjoined Turtle Twins, Ends with ‘Heartbreaking’ Result
Cops raid West Virginia frat houses in hazing probe as growing crackdown should be ‘wake-up call’: expert
Unexpected State with Dem Governor Is Ranked the Freest in America: Study
Americans forced to change clocks again as Senate stalls Trump-backed daylight saving time bill
Everything to know about House and Senate control, ballot measures and 2026 Election Day poll closing
Future of MAHA and anti-abortion policy hinges on Roger Marshall’s election chances
‘Free Instacart for Welfare Queens’: California Begins Sending Out Luxury Food Boxes at Taxpayers’ Expense
California Mayor Allegedly Followed, Harassed, Blocked Car of Random Man She Thought Was ICE
Chuck Klosterman’s ‘Rock*’ is an exercise in fantastical pointlessness
Skilled trades now offer direct path to six-figure pay without college debt thanks to emerging tech industry
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
‘Squad’ rakes in record $2.35M while slamming the door on cop donations
Haley Stevens appears alongside GOP rival Mike Rogers at Detroit church
Revealing Detail Found Buried in ‘Ilhan Omar’ Memoir: She Was Taught at a Young Age to Lie About Her Family
Tech Titan Blasted for Using AI to Come up With 3 Things That Makes Her Daughter Special on Her 10th Birthday
Wyoming mom reported missing after not picking up kids; sister, police search for answers
Watch: YouTuber Separates Conjoined Turtle Twins, Ends with ‘Heartbreaking’ Result
Cops raid West Virginia frat houses in hazing probe as growing crackdown should be ‘wake-up call’: expert
Unexpected State with Dem Governor Is Ranked the Freest in America: Study
Americans forced to change clocks again as Senate stalls Trump-backed daylight saving time bill
Everything to know about House and Senate control, ballot measures and 2026 Election Day poll closing
Future of MAHA and anti-abortion policy hinges on Roger Marshall’s election chances
‘Free Instacart for Welfare Queens’: California Begins Sending Out Luxury Food Boxes at Taxpayers’ Expense
California Mayor Allegedly Followed, Harassed, Blocked Car of Random Man She Thought Was ICE
Chuck Klosterman’s ‘Rock*’ is an exercise in fantastical pointlessness
Skilled trades now offer direct path to six-figure pay without college debt thanks to emerging tech industry
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%
‘Squad’ rakes in record $2.35M while slamming the door on cop donations
Haley Stevens appears alongside GOP rival Mike Rogers at Detroit church
Revealing Detail Found Buried in ‘Ilhan Omar’ Memoir: She Was Taught at a Young Age to Lie About Her Family
Tech Titan Blasted for Using AI to Come up With 3 Things That Makes Her Daughter Special on Her 10th Birthday
Wyoming mom reported missing after not picking up kids; sister, police search for answers
Watch: YouTuber Separates Conjoined Turtle Twins, Ends with ‘Heartbreaking’ Result
Cops raid West Virginia frat houses in hazing probe as growing crackdown should be ‘wake-up call’: expert
Unexpected State with Dem Governor Is Ranked the Freest in America: Study
Americans forced to change clocks again as Senate stalls Trump-backed daylight saving time bill
Everything to know about House and Senate control, ballot measures and 2026 Election Day poll closing
Future of MAHA and anti-abortion policy hinges on Roger Marshall’s election chances
‘Free Instacart for Welfare Queens’: California Begins Sending Out Luxury Food Boxes at Taxpayers’ Expense
California Mayor Allegedly Followed, Harassed, Blocked Car of Random Man She Thought Was ICE
Chuck Klosterman’s ‘Rock*’ is an exercise in fantastical pointlessness
Skilled trades now offer direct path to six-figure pay without college debt thanks to emerging tech industry
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.
‘Squad’ rakes in record $2.35M while slamming the door on cop donations
Haley Stevens appears alongside GOP rival Mike Rogers at Detroit church
Revealing Detail Found Buried in ‘Ilhan Omar’ Memoir: She Was Taught at a Young Age to Lie About Her Family
Tech Titan Blasted for Using AI to Come up With 3 Things That Makes Her Daughter Special on Her 10th Birthday
Wyoming mom reported missing after not picking up kids; sister, police search for answers
Watch: YouTuber Separates Conjoined Turtle Twins, Ends with ‘Heartbreaking’ Result
Cops raid West Virginia frat houses in hazing probe as growing crackdown should be ‘wake-up call’: expert
Unexpected State with Dem Governor Is Ranked the Freest in America: Study
Americans forced to change clocks again as Senate stalls Trump-backed daylight saving time bill
Everything to know about House and Senate control, ballot measures and 2026 Election Day poll closing
Future of MAHA and anti-abortion policy hinges on Roger Marshall’s election chances
‘Free Instacart for Welfare Queens’: California Begins Sending Out Luxury Food Boxes at Taxpayers’ Expense
California Mayor Allegedly Followed, Harassed, Blocked Car of Random Man She Thought Was ICE
Chuck Klosterman’s ‘Rock*’ is an exercise in fantastical pointlessness
Skilled trades now offer direct path to six-figure pay without college debt thanks to emerging tech industry
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.
‘Squad’ rakes in record $2.35M while slamming the door on cop donations
Haley Stevens appears alongside GOP rival Mike Rogers at Detroit church
Revealing Detail Found Buried in ‘Ilhan Omar’ Memoir: She Was Taught at a Young Age to Lie About Her Family
Tech Titan Blasted for Using AI to Come up With 3 Things That Makes Her Daughter Special on Her 10th Birthday
Wyoming mom reported missing after not picking up kids; sister, police search for answers
Watch: YouTuber Separates Conjoined Turtle Twins, Ends with ‘Heartbreaking’ Result
Cops raid West Virginia frat houses in hazing probe as growing crackdown should be ‘wake-up call’: expert
Unexpected State with Dem Governor Is Ranked the Freest in America: Study
Americans forced to change clocks again as Senate stalls Trump-backed daylight saving time bill
Everything to know about House and Senate control, ballot measures and 2026 Election Day poll closing
Future of MAHA and anti-abortion policy hinges on Roger Marshall’s election chances
‘Free Instacart for Welfare Queens’: California Begins Sending Out Luxury Food Boxes at Taxpayers’ Expense
California Mayor Allegedly Followed, Harassed, Blocked Car of Random Man She Thought Was ICE
Chuck Klosterman’s ‘Rock*’ is an exercise in fantastical pointlessness
Skilled trades now offer direct path to six-figure pay without college debt thanks to emerging tech industry
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.
