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…
Breaking: Supreme Court Sides with Trump on White House Ball Room Construction
NY Knicks Owner Turns Against Kathy Hochul, Gives Big to Republican Opponent
ICC president decries being sanctioned by US: ‘Demise of international rule of law’
Appeals court upholds Letitia James subpoena block as DOJ vows to appeal to Supreme Court
Trump to transform spaceflight from spectacle to status quo targeting 3 launches per day
Revealed: The ‘Gentlemen’s Agreement’ That Kept Devastating Karmelo Anthony Evidence Out of Court and What that Evidence Was
Surprise election upset shows hating Trump is no longer enough as Democratic voters turn to new playbook
Surrogate Mom and Baby Flee to TX for Protection as Bio Parents Sue Her for Refusing to Abort Baby
Karmelo Anthony fights for new trial as lawyers clash over unwritten deal that shaped case
Top JPMorganChase exec warns regulatory proposal could squeeze credit for millions of small businesses
AOC blasted as too moderate by Maoist DSA faction as 2028 buzz grows
Trump reaches deal to halt tariffs on beef for 90 days in bid to lower prices
Videos show three suspects in shooting death of Tucson police recruit Carlos Ramirez
Watch: Latest Physical Attack on Caitlin Clark Is So Outrageous Commentator Uses Football Term to Describe It
Professor Who Flagged Jason Arday Cambridge Cheating Scandal Suspended: ‘They Will Almost Certainly Fire Me’
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Breaking: Supreme Court Sides with Trump on White House Ball Room Construction
NY Knicks Owner Turns Against Kathy Hochul, Gives Big to Republican Opponent
ICC president decries being sanctioned by US: ‘Demise of international rule of law’
Appeals court upholds Letitia James subpoena block as DOJ vows to appeal to Supreme Court
Trump to transform spaceflight from spectacle to status quo targeting 3 launches per day
Revealed: The ‘Gentlemen’s Agreement’ That Kept Devastating Karmelo Anthony Evidence Out of Court and What that Evidence Was
Surprise election upset shows hating Trump is no longer enough as Democratic voters turn to new playbook
Surrogate Mom and Baby Flee to TX for Protection as Bio Parents Sue Her for Refusing to Abort Baby
Karmelo Anthony fights for new trial as lawyers clash over unwritten deal that shaped case
Top JPMorganChase exec warns regulatory proposal could squeeze credit for millions of small businesses
AOC blasted as too moderate by Maoist DSA faction as 2028 buzz grows
Trump reaches deal to halt tariffs on beef for 90 days in bid to lower prices
Videos show three suspects in shooting death of Tucson police recruit Carlos Ramirez
Watch: Latest Physical Attack on Caitlin Clark Is So Outrageous Commentator Uses Football Term to Describe It
Professor Who Flagged Jason Arday Cambridge Cheating Scandal Suspended: ‘They Will Almost Certainly Fire Me’
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%
Breaking: Supreme Court Sides with Trump on White House Ball Room Construction
NY Knicks Owner Turns Against Kathy Hochul, Gives Big to Republican Opponent
ICC president decries being sanctioned by US: ‘Demise of international rule of law’
Appeals court upholds Letitia James subpoena block as DOJ vows to appeal to Supreme Court
Trump to transform spaceflight from spectacle to status quo targeting 3 launches per day
Revealed: The ‘Gentlemen’s Agreement’ That Kept Devastating Karmelo Anthony Evidence Out of Court and What that Evidence Was
Surprise election upset shows hating Trump is no longer enough as Democratic voters turn to new playbook
Surrogate Mom and Baby Flee to TX for Protection as Bio Parents Sue Her for Refusing to Abort Baby
Karmelo Anthony fights for new trial as lawyers clash over unwritten deal that shaped case
Top JPMorganChase exec warns regulatory proposal could squeeze credit for millions of small businesses
AOC blasted as too moderate by Maoist DSA faction as 2028 buzz grows
Trump reaches deal to halt tariffs on beef for 90 days in bid to lower prices
Videos show three suspects in shooting death of Tucson police recruit Carlos Ramirez
Watch: Latest Physical Attack on Caitlin Clark Is So Outrageous Commentator Uses Football Term to Describe It
Professor Who Flagged Jason Arday Cambridge Cheating Scandal Suspended: ‘They Will Almost Certainly Fire Me’
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.
Breaking: Supreme Court Sides with Trump on White House Ball Room Construction
NY Knicks Owner Turns Against Kathy Hochul, Gives Big to Republican Opponent
ICC president decries being sanctioned by US: ‘Demise of international rule of law’
Appeals court upholds Letitia James subpoena block as DOJ vows to appeal to Supreme Court
Trump to transform spaceflight from spectacle to status quo targeting 3 launches per day
Revealed: The ‘Gentlemen’s Agreement’ That Kept Devastating Karmelo Anthony Evidence Out of Court and What that Evidence Was
Surprise election upset shows hating Trump is no longer enough as Democratic voters turn to new playbook
Surrogate Mom and Baby Flee to TX for Protection as Bio Parents Sue Her for Refusing to Abort Baby
Karmelo Anthony fights for new trial as lawyers clash over unwritten deal that shaped case
Top JPMorganChase exec warns regulatory proposal could squeeze credit for millions of small businesses
AOC blasted as too moderate by Maoist DSA faction as 2028 buzz grows
Trump reaches deal to halt tariffs on beef for 90 days in bid to lower prices
Videos show three suspects in shooting death of Tucson police recruit Carlos Ramirez
Watch: Latest Physical Attack on Caitlin Clark Is So Outrageous Commentator Uses Football Term to Describe It
Professor Who Flagged Jason Arday Cambridge Cheating Scandal Suspended: ‘They Will Almost Certainly Fire Me’
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.
Breaking: Supreme Court Sides with Trump on White House Ball Room Construction
NY Knicks Owner Turns Against Kathy Hochul, Gives Big to Republican Opponent
ICC president decries being sanctioned by US: ‘Demise of international rule of law’
Appeals court upholds Letitia James subpoena block as DOJ vows to appeal to Supreme Court
Trump to transform spaceflight from spectacle to status quo targeting 3 launches per day
Revealed: The ‘Gentlemen’s Agreement’ That Kept Devastating Karmelo Anthony Evidence Out of Court and What that Evidence Was
Surprise election upset shows hating Trump is no longer enough as Democratic voters turn to new playbook
Surrogate Mom and Baby Flee to TX for Protection as Bio Parents Sue Her for Refusing to Abort Baby
Karmelo Anthony fights for new trial as lawyers clash over unwritten deal that shaped case
Top JPMorganChase exec warns regulatory proposal could squeeze credit for millions of small businesses
AOC blasted as too moderate by Maoist DSA faction as 2028 buzz grows
Trump reaches deal to halt tariffs on beef for 90 days in bid to lower prices
Videos show three suspects in shooting death of Tucson police recruit Carlos Ramirez
Watch: Latest Physical Attack on Caitlin Clark Is So Outrageous Commentator Uses Football Term to Describe It
Professor Who Flagged Jason Arday Cambridge Cheating Scandal Suspended: ‘They Will Almost Certainly Fire Me’
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.
