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…
Slotkin says Democratic Party needs ‘new leadership’: ‘Old models are no longer working’
Trump administration pledges $150M in aid, deploys Navy warships after deadly Venezuela earthquakes
Florida executes 74-year-old for wife’s murder, becoming oldest inmate put to death in state’s modern history
A Warning Charlie Kirk Gave Back in 2020 Coming True Now Within Democratic Party
French citizen who illegally cast ballot in 2022 midterms says New Jersey automatically registered him to vote
Jury deadlocks in federal trial of man accused of starting deadly Palisades Fire in Los Angeles
Dems put on blast over poll that shows record-low patriotism in US: ‘Tear our society apart’
Blue state leaders erupt after Supreme Court’s decision ending TPS protections for Haitians, Syrians
Real Man: Churchgoer Can’t Find Tool to Free Kids from Sweltering Car, Says ‘My Fist Will Probably Work,’ Then, With God’s Help, Starts Smashing Glass
Red state gov bans July Fourth fireworks statewide over wildfire concerns ahead of America’s 250th anniversary
Hunter Biden, Man Who Isn’t in Prison Thanks to Dem Establishment, Attacks Dem Establishment After Primary Stunners
Marco Rubio Warns Iran’s Strait of Hormuz Scheme Could ‘Spread Throughout the World Like a Contagion’
Alex Murdaugh’s lawyers withdraw request for civilian clothes, accuse prosecutors of creating a ‘spectacle’
Rashida Tlaib Defends Antifa Member Sentenced to 100 Years for Attempted Assassination, Calls Punishment ‘a Travesty and Totally Unjustified’
Watch: Sophie Cunningham’s Death Stare Went Super Viral as She Considered Smashing Heads to Defend Caitlin Clark
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Slotkin says Democratic Party needs ‘new leadership’: ‘Old models are no longer working’
Trump administration pledges $150M in aid, deploys Navy warships after deadly Venezuela earthquakes
Florida executes 74-year-old for wife’s murder, becoming oldest inmate put to death in state’s modern history
A Warning Charlie Kirk Gave Back in 2020 Coming True Now Within Democratic Party
French citizen who illegally cast ballot in 2022 midterms says New Jersey automatically registered him to vote
Jury deadlocks in federal trial of man accused of starting deadly Palisades Fire in Los Angeles
Dems put on blast over poll that shows record-low patriotism in US: ‘Tear our society apart’
Blue state leaders erupt after Supreme Court’s decision ending TPS protections for Haitians, Syrians
Real Man: Churchgoer Can’t Find Tool to Free Kids from Sweltering Car, Says ‘My Fist Will Probably Work,’ Then, With God’s Help, Starts Smashing Glass
Red state gov bans July Fourth fireworks statewide over wildfire concerns ahead of America’s 250th anniversary
Hunter Biden, Man Who Isn’t in Prison Thanks to Dem Establishment, Attacks Dem Establishment After Primary Stunners
Marco Rubio Warns Iran’s Strait of Hormuz Scheme Could ‘Spread Throughout the World Like a Contagion’
Alex Murdaugh’s lawyers withdraw request for civilian clothes, accuse prosecutors of creating a ‘spectacle’
Rashida Tlaib Defends Antifa Member Sentenced to 100 Years for Attempted Assassination, Calls Punishment ‘a Travesty and Totally Unjustified’
Watch: Sophie Cunningham’s Death Stare Went Super Viral as She Considered Smashing Heads to Defend Caitlin Clark
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%
Slotkin says Democratic Party needs ‘new leadership’: ‘Old models are no longer working’
Trump administration pledges $150M in aid, deploys Navy warships after deadly Venezuela earthquakes
Florida executes 74-year-old for wife’s murder, becoming oldest inmate put to death in state’s modern history
A Warning Charlie Kirk Gave Back in 2020 Coming True Now Within Democratic Party
French citizen who illegally cast ballot in 2022 midterms says New Jersey automatically registered him to vote
Jury deadlocks in federal trial of man accused of starting deadly Palisades Fire in Los Angeles
Dems put on blast over poll that shows record-low patriotism in US: ‘Tear our society apart’
Blue state leaders erupt after Supreme Court’s decision ending TPS protections for Haitians, Syrians
Real Man: Churchgoer Can’t Find Tool to Free Kids from Sweltering Car, Says ‘My Fist Will Probably Work,’ Then, With God’s Help, Starts Smashing Glass
Red state gov bans July Fourth fireworks statewide over wildfire concerns ahead of America’s 250th anniversary
Hunter Biden, Man Who Isn’t in Prison Thanks to Dem Establishment, Attacks Dem Establishment After Primary Stunners
Marco Rubio Warns Iran’s Strait of Hormuz Scheme Could ‘Spread Throughout the World Like a Contagion’
Alex Murdaugh’s lawyers withdraw request for civilian clothes, accuse prosecutors of creating a ‘spectacle’
Rashida Tlaib Defends Antifa Member Sentenced to 100 Years for Attempted Assassination, Calls Punishment ‘a Travesty and Totally Unjustified’
Watch: Sophie Cunningham’s Death Stare Went Super Viral as She Considered Smashing Heads to Defend Caitlin Clark
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.
Slotkin says Democratic Party needs ‘new leadership’: ‘Old models are no longer working’
Trump administration pledges $150M in aid, deploys Navy warships after deadly Venezuela earthquakes
Florida executes 74-year-old for wife’s murder, becoming oldest inmate put to death in state’s modern history
A Warning Charlie Kirk Gave Back in 2020 Coming True Now Within Democratic Party
French citizen who illegally cast ballot in 2022 midterms says New Jersey automatically registered him to vote
Jury deadlocks in federal trial of man accused of starting deadly Palisades Fire in Los Angeles
Dems put on blast over poll that shows record-low patriotism in US: ‘Tear our society apart’
Blue state leaders erupt after Supreme Court’s decision ending TPS protections for Haitians, Syrians
Real Man: Churchgoer Can’t Find Tool to Free Kids from Sweltering Car, Says ‘My Fist Will Probably Work,’ Then, With God’s Help, Starts Smashing Glass
Red state gov bans July Fourth fireworks statewide over wildfire concerns ahead of America’s 250th anniversary
Hunter Biden, Man Who Isn’t in Prison Thanks to Dem Establishment, Attacks Dem Establishment After Primary Stunners
Marco Rubio Warns Iran’s Strait of Hormuz Scheme Could ‘Spread Throughout the World Like a Contagion’
Alex Murdaugh’s lawyers withdraw request for civilian clothes, accuse prosecutors of creating a ‘spectacle’
Rashida Tlaib Defends Antifa Member Sentenced to 100 Years for Attempted Assassination, Calls Punishment ‘a Travesty and Totally Unjustified’
Watch: Sophie Cunningham’s Death Stare Went Super Viral as She Considered Smashing Heads to Defend Caitlin Clark
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.
Slotkin says Democratic Party needs ‘new leadership’: ‘Old models are no longer working’
Trump administration pledges $150M in aid, deploys Navy warships after deadly Venezuela earthquakes
Florida executes 74-year-old for wife’s murder, becoming oldest inmate put to death in state’s modern history
A Warning Charlie Kirk Gave Back in 2020 Coming True Now Within Democratic Party
French citizen who illegally cast ballot in 2022 midterms says New Jersey automatically registered him to vote
Jury deadlocks in federal trial of man accused of starting deadly Palisades Fire in Los Angeles
Dems put on blast over poll that shows record-low patriotism in US: ‘Tear our society apart’
Blue state leaders erupt after Supreme Court’s decision ending TPS protections for Haitians, Syrians
Real Man: Churchgoer Can’t Find Tool to Free Kids from Sweltering Car, Says ‘My Fist Will Probably Work,’ Then, With God’s Help, Starts Smashing Glass
Red state gov bans July Fourth fireworks statewide over wildfire concerns ahead of America’s 250th anniversary
Hunter Biden, Man Who Isn’t in Prison Thanks to Dem Establishment, Attacks Dem Establishment After Primary Stunners
Marco Rubio Warns Iran’s Strait of Hormuz Scheme Could ‘Spread Throughout the World Like a Contagion’
Alex Murdaugh’s lawyers withdraw request for civilian clothes, accuse prosecutors of creating a ‘spectacle’
Rashida Tlaib Defends Antifa Member Sentenced to 100 Years for Attempted Assassination, Calls Punishment ‘a Travesty and Totally Unjustified’
Watch: Sophie Cunningham’s Death Stare Went Super Viral as She Considered Smashing Heads to Defend Caitlin Clark
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.
