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…
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Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
GOP challenger Joe Kaufman to run in Florida’s 25th district; will face either Moskowitz or Wasserman Schultz
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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%
GOP challenger Joe Kaufman to run in Florida’s 25th district; will face either Moskowitz or Wasserman Schultz
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Pennsylvania Democrats rebuke ‘traitor’ Fetterman as party threatens primary challenge
Jeffries launches New York gerrymander push after redistricting clash with DeSantis
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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.
GOP challenger Joe Kaufman to run in Florida’s 25th district; will face either Moskowitz or Wasserman Schultz
NATO Chief Says European Leaders Have Finally ‘Gotten the Message’ from Trump and Are Changing Their Ways
Woman objected to trans sex offender roommate — then she was sent back to prison, legal group says
Report: Democrats Are Seeking to Stage a Mutiny Against the Chair of the DNC
Secret Service officers shoot armed individual near White House
Palisades Fire suspect was allegedly ‘fixated’ on Luigi Mangione and held ‘resentment of the rich’: court docs
Becerra and Hilton tied as California governor race tightens: Poll
Pennsylvania Democrats rebuke ‘traitor’ Fetterman as party threatens primary challenge
Jeffries launches New York gerrymander push after redistricting clash with DeSantis
Trump Says Iran Will Be ‘Blown Off the Face of the Earth’ if They Fire on US Boats in Strait of Hormuz
Disgraced Dem cut off from doing business with government after alleged ‘outright fraud’ uncovered
Three Dead, Others Sickened in Outbreak of Rare Disease Aboard Cruise Ship
Ceasefire threatened as Iran launches waves of missiles and drones at UAE
Judge rants that Jan. 6 inmates were treated better than alleged WHCA dinner gunman
Convicted Somali scammer to avoid jail time in Minnesota’s largest-ever Medicaid fraud case
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.
GOP challenger Joe Kaufman to run in Florida’s 25th district; will face either Moskowitz or Wasserman Schultz
NATO Chief Says European Leaders Have Finally ‘Gotten the Message’ from Trump and Are Changing Their Ways
Woman objected to trans sex offender roommate — then she was sent back to prison, legal group says
Report: Democrats Are Seeking to Stage a Mutiny Against the Chair of the DNC
Secret Service officers shoot armed individual near White House
Palisades Fire suspect was allegedly ‘fixated’ on Luigi Mangione and held ‘resentment of the rich’: court docs
Becerra and Hilton tied as California governor race tightens: Poll
Pennsylvania Democrats rebuke ‘traitor’ Fetterman as party threatens primary challenge
Jeffries launches New York gerrymander push after redistricting clash with DeSantis
Trump Says Iran Will Be ‘Blown Off the Face of the Earth’ if They Fire on US Boats in Strait of Hormuz
Disgraced Dem cut off from doing business with government after alleged ‘outright fraud’ uncovered
Three Dead, Others Sickened in Outbreak of Rare Disease Aboard Cruise Ship
Ceasefire threatened as Iran launches waves of missiles and drones at UAE
Judge rants that Jan. 6 inmates were treated better than alleged WHCA dinner gunman
Convicted Somali scammer to avoid jail time in Minnesota’s largest-ever Medicaid fraud case
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.
