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…
Planned Parenthood Lost More Money Than It Made as Taxpayer Funding, Abortions Increased
Wes Moore preemptively unloads on Baltimore Sun ahead of expose, as spox beefs with ‘right wing’ ownership
On Nato, It’s Time to Take the Maverick from ‘Top Gun’ Approach: ‘Don’t Think, Just Do’
Fox News Campus Radicals Newsletter: Antifa-tied group’s plan for chaos, school probe over transgender policy
Fox News True Crime Newsletter: Bahamas missing woman mystery, Athena Strand bodycam, Gilgo Beach guilty plea
Trump unveils new renderings for arch with ‘one nation under God’ inscription
Kamala Harris ‘might’ run for president in 2028, but black voters are skeptical of the idea
Kamala Harris Gives the Surest Sign Yet She’s Running in 2028 with Al Sharpton Event Speech
Teens suspected of murdering congressional intern linked by DNA on shell casings, prosecutors say
LATE BREAKING: Trump Issues Shockingly Graphic Post Targeting Haitian Illegal Accused of Murdering Mother of 2
Bessent, Powell summon Wall Street CEOs for emergency meeting over Anthropic AI risks amid Pentagon dispute
Trump’s Labor Department takes another hit as inspector general accused of abusing role
FLASHBACK: Dems want to boot Trump with 25th amendment, but refused to do so under Biden
WATCH: America250 backdrop topples near Shapiro, Revolutionary War reenactors
Navy scraps Biden-era submarine contract as overhaul costs surge toward $3B
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Planned Parenthood Lost More Money Than It Made as Taxpayer Funding, Abortions Increased
Wes Moore preemptively unloads on Baltimore Sun ahead of expose, as spox beefs with ‘right wing’ ownership
On Nato, It’s Time to Take the Maverick from ‘Top Gun’ Approach: ‘Don’t Think, Just Do’
Fox News Campus Radicals Newsletter: Antifa-tied group’s plan for chaos, school probe over transgender policy
Fox News True Crime Newsletter: Bahamas missing woman mystery, Athena Strand bodycam, Gilgo Beach guilty plea
Trump unveils new renderings for arch with ‘one nation under God’ inscription
Kamala Harris ‘might’ run for president in 2028, but black voters are skeptical of the idea
Kamala Harris Gives the Surest Sign Yet She’s Running in 2028 with Al Sharpton Event Speech
Teens suspected of murdering congressional intern linked by DNA on shell casings, prosecutors say
LATE BREAKING: Trump Issues Shockingly Graphic Post Targeting Haitian Illegal Accused of Murdering Mother of 2
Bessent, Powell summon Wall Street CEOs for emergency meeting over Anthropic AI risks amid Pentagon dispute
Trump’s Labor Department takes another hit as inspector general accused of abusing role
FLASHBACK: Dems want to boot Trump with 25th amendment, but refused to do so under Biden
WATCH: America250 backdrop topples near Shapiro, Revolutionary War reenactors
Navy scraps Biden-era submarine contract as overhaul costs surge toward $3B
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%
Planned Parenthood Lost More Money Than It Made as Taxpayer Funding, Abortions Increased
Wes Moore preemptively unloads on Baltimore Sun ahead of expose, as spox beefs with ‘right wing’ ownership
On Nato, It’s Time to Take the Maverick from ‘Top Gun’ Approach: ‘Don’t Think, Just Do’
Fox News Campus Radicals Newsletter: Antifa-tied group’s plan for chaos, school probe over transgender policy
Fox News True Crime Newsletter: Bahamas missing woman mystery, Athena Strand bodycam, Gilgo Beach guilty plea
Trump unveils new renderings for arch with ‘one nation under God’ inscription
Kamala Harris ‘might’ run for president in 2028, but black voters are skeptical of the idea
Kamala Harris Gives the Surest Sign Yet She’s Running in 2028 with Al Sharpton Event Speech
Teens suspected of murdering congressional intern linked by DNA on shell casings, prosecutors say
LATE BREAKING: Trump Issues Shockingly Graphic Post Targeting Haitian Illegal Accused of Murdering Mother of 2
Bessent, Powell summon Wall Street CEOs for emergency meeting over Anthropic AI risks amid Pentagon dispute
Trump’s Labor Department takes another hit as inspector general accused of abusing role
FLASHBACK: Dems want to boot Trump with 25th amendment, but refused to do so under Biden
WATCH: America250 backdrop topples near Shapiro, Revolutionary War reenactors
Navy scraps Biden-era submarine contract as overhaul costs surge toward $3B
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.
Planned Parenthood Lost More Money Than It Made as Taxpayer Funding, Abortions Increased
Wes Moore preemptively unloads on Baltimore Sun ahead of expose, as spox beefs with ‘right wing’ ownership
On Nato, It’s Time to Take the Maverick from ‘Top Gun’ Approach: ‘Don’t Think, Just Do’
Fox News Campus Radicals Newsletter: Antifa-tied group’s plan for chaos, school probe over transgender policy
Fox News True Crime Newsletter: Bahamas missing woman mystery, Athena Strand bodycam, Gilgo Beach guilty plea
Trump unveils new renderings for arch with ‘one nation under God’ inscription
Kamala Harris ‘might’ run for president in 2028, but black voters are skeptical of the idea
Kamala Harris Gives the Surest Sign Yet She’s Running in 2028 with Al Sharpton Event Speech
Teens suspected of murdering congressional intern linked by DNA on shell casings, prosecutors say
LATE BREAKING: Trump Issues Shockingly Graphic Post Targeting Haitian Illegal Accused of Murdering Mother of 2
Bessent, Powell summon Wall Street CEOs for emergency meeting over Anthropic AI risks amid Pentagon dispute
Trump’s Labor Department takes another hit as inspector general accused of abusing role
FLASHBACK: Dems want to boot Trump with 25th amendment, but refused to do so under Biden
WATCH: America250 backdrop topples near Shapiro, Revolutionary War reenactors
Navy scraps Biden-era submarine contract as overhaul costs surge toward $3B
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.
Planned Parenthood Lost More Money Than It Made as Taxpayer Funding, Abortions Increased
Wes Moore preemptively unloads on Baltimore Sun ahead of expose, as spox beefs with ‘right wing’ ownership
On Nato, It’s Time to Take the Maverick from ‘Top Gun’ Approach: ‘Don’t Think, Just Do’
Fox News Campus Radicals Newsletter: Antifa-tied group’s plan for chaos, school probe over transgender policy
Fox News True Crime Newsletter: Bahamas missing woman mystery, Athena Strand bodycam, Gilgo Beach guilty plea
Trump unveils new renderings for arch with ‘one nation under God’ inscription
Kamala Harris ‘might’ run for president in 2028, but black voters are skeptical of the idea
Kamala Harris Gives the Surest Sign Yet She’s Running in 2028 with Al Sharpton Event Speech
Teens suspected of murdering congressional intern linked by DNA on shell casings, prosecutors say
LATE BREAKING: Trump Issues Shockingly Graphic Post Targeting Haitian Illegal Accused of Murdering Mother of 2
Bessent, Powell summon Wall Street CEOs for emergency meeting over Anthropic AI risks amid Pentagon dispute
Trump’s Labor Department takes another hit as inspector general accused of abusing role
FLASHBACK: Dems want to boot Trump with 25th amendment, but refused to do so under Biden
WATCH: America250 backdrop topples near Shapiro, Revolutionary War reenactors
Navy scraps Biden-era submarine contract as overhaul costs surge toward $3B
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.
