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…
College Football Star Charged with Heinous Crime Just Days After Engagement Goes Public
Tim Walz demands federal government ‘pay for what they broke’ after Homan announces Minnesota drawdown
Nielsen Data Appears to Show Millions of People Turning Off Bad Bunny’s All-Spanish Halftime Show
Americans could pay to bring back alleged members of ‘foreign terrorist cartel’ to US
John Fetterman says he refuses to engage in ‘sexist garbage’
Los Angeles neighborhood group seeks to install sirens to warn of ICE in area: report
George Santos demands Nancy Mace list names in Epstein case: ‘So done with the theatrics’
Wealthy Maryland school district PTA trains parents in how to disrupt ICE enforcement operations
Trump Economic Adviser Reveals How Much the Administration Cut the Deficit in Year One
Congress investigates NASA over funding ‘bilateral collaboration’ with CCP
US lawmakers warn Taiwan to ‘meet the moment’ as China stages invasion-style drills
Libs Furious After Trump Makes In-Your-Face Change to ‘Birthplace of the Modern Gay Rights Movement’ – The Stonewall Inn National Monument
Federal judge blocks Trump’s bid to move Biden-commuted death row inmates to ‘Alcatraz of the Rockies’
Nicki Minaj calls on ‘Barbz’ to tell their senators to pass the SAVE Act
DHS on brink of prolonged shutdown after Senate Democrats block funding over ICE
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
College Football Star Charged with Heinous Crime Just Days After Engagement Goes Public
Tim Walz demands federal government ‘pay for what they broke’ after Homan announces Minnesota drawdown
Nielsen Data Appears to Show Millions of People Turning Off Bad Bunny’s All-Spanish Halftime Show
Americans could pay to bring back alleged members of ‘foreign terrorist cartel’ to US
John Fetterman says he refuses to engage in ‘sexist garbage’
Los Angeles neighborhood group seeks to install sirens to warn of ICE in area: report
George Santos demands Nancy Mace list names in Epstein case: ‘So done with the theatrics’
Wealthy Maryland school district PTA trains parents in how to disrupt ICE enforcement operations
Trump Economic Adviser Reveals How Much the Administration Cut the Deficit in Year One
Congress investigates NASA over funding ‘bilateral collaboration’ with CCP
US lawmakers warn Taiwan to ‘meet the moment’ as China stages invasion-style drills
Libs Furious After Trump Makes In-Your-Face Change to ‘Birthplace of the Modern Gay Rights Movement’ – The Stonewall Inn National Monument
Federal judge blocks Trump’s bid to move Biden-commuted death row inmates to ‘Alcatraz of the Rockies’
Nicki Minaj calls on ‘Barbz’ to tell their senators to pass the SAVE Act
DHS on brink of prolonged shutdown after Senate Democrats block funding over ICE
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%
College Football Star Charged with Heinous Crime Just Days After Engagement Goes Public
Tim Walz demands federal government ‘pay for what they broke’ after Homan announces Minnesota drawdown
Nielsen Data Appears to Show Millions of People Turning Off Bad Bunny’s All-Spanish Halftime Show
Americans could pay to bring back alleged members of ‘foreign terrorist cartel’ to US
John Fetterman says he refuses to engage in ‘sexist garbage’
Los Angeles neighborhood group seeks to install sirens to warn of ICE in area: report
George Santos demands Nancy Mace list names in Epstein case: ‘So done with the theatrics’
Wealthy Maryland school district PTA trains parents in how to disrupt ICE enforcement operations
Trump Economic Adviser Reveals How Much the Administration Cut the Deficit in Year One
Congress investigates NASA over funding ‘bilateral collaboration’ with CCP
US lawmakers warn Taiwan to ‘meet the moment’ as China stages invasion-style drills
Libs Furious After Trump Makes In-Your-Face Change to ‘Birthplace of the Modern Gay Rights Movement’ – The Stonewall Inn National Monument
Federal judge blocks Trump’s bid to move Biden-commuted death row inmates to ‘Alcatraz of the Rockies’
Nicki Minaj calls on ‘Barbz’ to tell their senators to pass the SAVE Act
DHS on brink of prolonged shutdown after Senate Democrats block funding over ICE
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.
College Football Star Charged with Heinous Crime Just Days After Engagement Goes Public
Tim Walz demands federal government ‘pay for what they broke’ after Homan announces Minnesota drawdown
Nielsen Data Appears to Show Millions of People Turning Off Bad Bunny’s All-Spanish Halftime Show
Americans could pay to bring back alleged members of ‘foreign terrorist cartel’ to US
John Fetterman says he refuses to engage in ‘sexist garbage’
Los Angeles neighborhood group seeks to install sirens to warn of ICE in area: report
George Santos demands Nancy Mace list names in Epstein case: ‘So done with the theatrics’
Wealthy Maryland school district PTA trains parents in how to disrupt ICE enforcement operations
Trump Economic Adviser Reveals How Much the Administration Cut the Deficit in Year One
Congress investigates NASA over funding ‘bilateral collaboration’ with CCP
US lawmakers warn Taiwan to ‘meet the moment’ as China stages invasion-style drills
Libs Furious After Trump Makes In-Your-Face Change to ‘Birthplace of the Modern Gay Rights Movement’ – The Stonewall Inn National Monument
Federal judge blocks Trump’s bid to move Biden-commuted death row inmates to ‘Alcatraz of the Rockies’
Nicki Minaj calls on ‘Barbz’ to tell their senators to pass the SAVE Act
DHS on brink of prolonged shutdown after Senate Democrats block funding over ICE
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.
College Football Star Charged with Heinous Crime Just Days After Engagement Goes Public
Tim Walz demands federal government ‘pay for what they broke’ after Homan announces Minnesota drawdown
Nielsen Data Appears to Show Millions of People Turning Off Bad Bunny’s All-Spanish Halftime Show
Americans could pay to bring back alleged members of ‘foreign terrorist cartel’ to US
John Fetterman says he refuses to engage in ‘sexist garbage’
Los Angeles neighborhood group seeks to install sirens to warn of ICE in area: report
George Santos demands Nancy Mace list names in Epstein case: ‘So done with the theatrics’
Wealthy Maryland school district PTA trains parents in how to disrupt ICE enforcement operations
Trump Economic Adviser Reveals How Much the Administration Cut the Deficit in Year One
Congress investigates NASA over funding ‘bilateral collaboration’ with CCP
US lawmakers warn Taiwan to ‘meet the moment’ as China stages invasion-style drills
Libs Furious After Trump Makes In-Your-Face Change to ‘Birthplace of the Modern Gay Rights Movement’ – The Stonewall Inn National Monument
Federal judge blocks Trump’s bid to move Biden-commuted death row inmates to ‘Alcatraz of the Rockies’
Nicki Minaj calls on ‘Barbz’ to tell their senators to pass the SAVE Act
DHS on brink of prolonged shutdown after Senate Democrats block funding over ICE
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.
