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: Musk’s SpaceX Catches Its Own Starship Falling Back to Earth in Historic First
Officials Shocked as Tanker-Cruiser Crash Ends in ‘Literal Miracle on the Mississippi’ with No Fatalities
Dem Hecklers Scream ‘Traitor’ at Hakeem Jeffries for Not Impeaching Trump Fast Enough as He Gears Up to Become House Speaker
Johnny Depp Defeats Cancel Culture as ‘Ebenezer’ Storms to Number 1 in Triumphant Box Office Return
‘We Know It’s a Bomb’: Peoria Orders Immediate 1-Mile Evacuation After Device Found at Ethanol Plant
Hamas Faces Down Its Own Massacre as Eric Trump-Backed Company Mulls Deploying 1,000 Robot Soldiers in Gaza Terror Tunnels
FN4220H8 title
FN4220H7 title
At least 100 people pulled from Mississippi River after New Orleans ship crash as lengthy salvage effort looms
Investors push for Jensen Huang to be reinstated as Nvidia CEO after affair with suspected spy
Minneapolis ‘Clan Violence’ Targets Scholar Who Exposed Ilhan Omar’s Father as Colonel in Bloody Regime, Forces Him to Cancel Visit: Report
Mamdani Vowed for Accountability in Catastrophic Building Collapse That Killed 8 – New Report Points the Finger at His Own Admin
Justice Alito warns America must preserve 3 core principles regardless of country’s ‘atmosphere’
White House lawyer’s hardball warning to Dems has legal experts on both sides questioning one key threat
Dems seize on midterm rout to demand ICE reform but polls reveal a twist in who prioritized immigration
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Breaking: Musk’s SpaceX Catches Its Own Starship Falling Back to Earth in Historic First
Officials Shocked as Tanker-Cruiser Crash Ends in ‘Literal Miracle on the Mississippi’ with No Fatalities
Dem Hecklers Scream ‘Traitor’ at Hakeem Jeffries for Not Impeaching Trump Fast Enough as He Gears Up to Become House Speaker
Johnny Depp Defeats Cancel Culture as ‘Ebenezer’ Storms to Number 1 in Triumphant Box Office Return
‘We Know It’s a Bomb’: Peoria Orders Immediate 1-Mile Evacuation After Device Found at Ethanol Plant
Hamas Faces Down Its Own Massacre as Eric Trump-Backed Company Mulls Deploying 1,000 Robot Soldiers in Gaza Terror Tunnels
FN4220H8 title
FN4220H7 title
At least 100 people pulled from Mississippi River after New Orleans ship crash as lengthy salvage effort looms
Investors push for Jensen Huang to be reinstated as Nvidia CEO after affair with suspected spy
Minneapolis ‘Clan Violence’ Targets Scholar Who Exposed Ilhan Omar’s Father as Colonel in Bloody Regime, Forces Him to Cancel Visit: Report
Mamdani Vowed for Accountability in Catastrophic Building Collapse That Killed 8 – New Report Points the Finger at His Own Admin
Justice Alito warns America must preserve 3 core principles regardless of country’s ‘atmosphere’
White House lawyer’s hardball warning to Dems has legal experts on both sides questioning one key threat
Dems seize on midterm rout to demand ICE reform but polls reveal a twist in who prioritized immigration
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: Musk’s SpaceX Catches Its Own Starship Falling Back to Earth in Historic First
Officials Shocked as Tanker-Cruiser Crash Ends in ‘Literal Miracle on the Mississippi’ with No Fatalities
Dem Hecklers Scream ‘Traitor’ at Hakeem Jeffries for Not Impeaching Trump Fast Enough as He Gears Up to Become House Speaker
Johnny Depp Defeats Cancel Culture as ‘Ebenezer’ Storms to Number 1 in Triumphant Box Office Return
‘We Know It’s a Bomb’: Peoria Orders Immediate 1-Mile Evacuation After Device Found at Ethanol Plant
Hamas Faces Down Its Own Massacre as Eric Trump-Backed Company Mulls Deploying 1,000 Robot Soldiers in Gaza Terror Tunnels
FN4220H8 title
FN4220H7 title
At least 100 people pulled from Mississippi River after New Orleans ship crash as lengthy salvage effort looms
Investors push for Jensen Huang to be reinstated as Nvidia CEO after affair with suspected spy
Minneapolis ‘Clan Violence’ Targets Scholar Who Exposed Ilhan Omar’s Father as Colonel in Bloody Regime, Forces Him to Cancel Visit: Report
Mamdani Vowed for Accountability in Catastrophic Building Collapse That Killed 8 – New Report Points the Finger at His Own Admin
Justice Alito warns America must preserve 3 core principles regardless of country’s ‘atmosphere’
White House lawyer’s hardball warning to Dems has legal experts on both sides questioning one key threat
Dems seize on midterm rout to demand ICE reform but polls reveal a twist in who prioritized immigration
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: Musk’s SpaceX Catches Its Own Starship Falling Back to Earth in Historic First
Officials Shocked as Tanker-Cruiser Crash Ends in ‘Literal Miracle on the Mississippi’ with No Fatalities
Dem Hecklers Scream ‘Traitor’ at Hakeem Jeffries for Not Impeaching Trump Fast Enough as He Gears Up to Become House Speaker
Johnny Depp Defeats Cancel Culture as ‘Ebenezer’ Storms to Number 1 in Triumphant Box Office Return
‘We Know It’s a Bomb’: Peoria Orders Immediate 1-Mile Evacuation After Device Found at Ethanol Plant
Hamas Faces Down Its Own Massacre as Eric Trump-Backed Company Mulls Deploying 1,000 Robot Soldiers in Gaza Terror Tunnels
FN4220H8 title
FN4220H7 title
At least 100 people pulled from Mississippi River after New Orleans ship crash as lengthy salvage effort looms
Investors push for Jensen Huang to be reinstated as Nvidia CEO after affair with suspected spy
Minneapolis ‘Clan Violence’ Targets Scholar Who Exposed Ilhan Omar’s Father as Colonel in Bloody Regime, Forces Him to Cancel Visit: Report
Mamdani Vowed for Accountability in Catastrophic Building Collapse That Killed 8 – New Report Points the Finger at His Own Admin
Justice Alito warns America must preserve 3 core principles regardless of country’s ‘atmosphere’
White House lawyer’s hardball warning to Dems has legal experts on both sides questioning one key threat
Dems seize on midterm rout to demand ICE reform but polls reveal a twist in who prioritized immigration
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: Musk’s SpaceX Catches Its Own Starship Falling Back to Earth in Historic First
Officials Shocked as Tanker-Cruiser Crash Ends in ‘Literal Miracle on the Mississippi’ with No Fatalities
Dem Hecklers Scream ‘Traitor’ at Hakeem Jeffries for Not Impeaching Trump Fast Enough as He Gears Up to Become House Speaker
Johnny Depp Defeats Cancel Culture as ‘Ebenezer’ Storms to Number 1 in Triumphant Box Office Return
‘We Know It’s a Bomb’: Peoria Orders Immediate 1-Mile Evacuation After Device Found at Ethanol Plant
Hamas Faces Down Its Own Massacre as Eric Trump-Backed Company Mulls Deploying 1,000 Robot Soldiers in Gaza Terror Tunnels
FN4220H8 title
FN4220H7 title
At least 100 people pulled from Mississippi River after New Orleans ship crash as lengthy salvage effort looms
Investors push for Jensen Huang to be reinstated as Nvidia CEO after affair with suspected spy
Minneapolis ‘Clan Violence’ Targets Scholar Who Exposed Ilhan Omar’s Father as Colonel in Bloody Regime, Forces Him to Cancel Visit: Report
Mamdani Vowed for Accountability in Catastrophic Building Collapse That Killed 8 – New Report Points the Finger at His Own Admin
Justice Alito warns America must preserve 3 core principles regardless of country’s ‘atmosphere’
White House lawyer’s hardball warning to Dems has legal experts on both sides questioning one key threat
Dems seize on midterm rout to demand ICE reform but polls reveal a twist in who prioritized immigration
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.
