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…
AIPAC cuts funding to Democrats who voted to end Israel aid
Op-Ed: The Weight of a Word
Time enough at last: What’s next after the House passes bill to do away with Daylight Saving Time?
Democrats turn on congressional hopeful after ‘hiding’ LGBTQ+ views from Muslim voters
WATCH: Inside look at the dangerous cartel human smuggling tunnels still being used at border
Paul Pelosi charged with misdemeanor hit-and-run in Napa Valley
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US backs Iraq-Syria oil pipeline bypassing Strait of Hormuz
Over 100 Democrats voted to end aid to Israel. They’ve received nearly $11 million from AIPAC
WATCH: Felony suspect’s ocean getaway unravels after 90-minute standoff with lifeguards
Covert DNA sample from Colorado man’s trash revives 44-year-old Texas murder case: report
Don Lemon Claims People Are Begging Him to Run for President and He’s ‘Totally Serious’ About Doing It
Olive Garden’s Never-Ending Pasta Regulation Becomes Unlikely Election Integrity Rallying Point for Conservatives
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%
AIPAC cuts funding to Democrats who voted to end Israel aid
Op-Ed: The Weight of a Word
Time enough at last: What’s next after the House passes bill to do away with Daylight Saving Time?
Democrats turn on congressional hopeful after ‘hiding’ LGBTQ+ views from Muslim voters
WATCH: Inside look at the dangerous cartel human smuggling tunnels still being used at border
Paul Pelosi charged with misdemeanor hit-and-run in Napa Valley
House Republicans Call for Investigation Into Mamdani Administration’s Possible Violation of Federal Law
Trump Admin Deploys New Military Equipment to Israel with Eye Toward Major Escalation in Iran: Report
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Over 100 Democrats voted to end aid to Israel. They’ve received nearly $11 million from AIPAC
WATCH: Felony suspect’s ocean getaway unravels after 90-minute standoff with lifeguards
Covert DNA sample from Colorado man’s trash revives 44-year-old Texas murder case: report
Don Lemon Claims People Are Begging Him to Run for President and He’s ‘Totally Serious’ About Doing It
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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.
AIPAC cuts funding to Democrats who voted to end Israel aid
Op-Ed: The Weight of a Word
Time enough at last: What’s next after the House passes bill to do away with Daylight Saving Time?
Democrats turn on congressional hopeful after ‘hiding’ LGBTQ+ views from Muslim voters
WATCH: Inside look at the dangerous cartel human smuggling tunnels still being used at border
Paul Pelosi charged with misdemeanor hit-and-run in Napa Valley
House Republicans Call for Investigation Into Mamdani Administration’s Possible Violation of Federal Law
Trump Admin Deploys New Military Equipment to Israel with Eye Toward Major Escalation in Iran: Report
Teen brawl inside In-N-Out sends customers running during monsoon storm, video shows
US backs Iraq-Syria oil pipeline bypassing Strait of Hormuz
Over 100 Democrats voted to end aid to Israel. They’ve received nearly $11 million from AIPAC
WATCH: Felony suspect’s ocean getaway unravels after 90-minute standoff with lifeguards
Covert DNA sample from Colorado man’s trash revives 44-year-old Texas murder case: report
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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.
AIPAC cuts funding to Democrats who voted to end Israel aid
Op-Ed: The Weight of a Word
Time enough at last: What’s next after the House passes bill to do away with Daylight Saving Time?
Democrats turn on congressional hopeful after ‘hiding’ LGBTQ+ views from Muslim voters
WATCH: Inside look at the dangerous cartel human smuggling tunnels still being used at border
Paul Pelosi charged with misdemeanor hit-and-run in Napa Valley
House Republicans Call for Investigation Into Mamdani Administration’s Possible Violation of Federal Law
Trump Admin Deploys New Military Equipment to Israel with Eye Toward Major Escalation in Iran: Report
Teen brawl inside In-N-Out sends customers running during monsoon storm, video shows
US backs Iraq-Syria oil pipeline bypassing Strait of Hormuz
Over 100 Democrats voted to end aid to Israel. They’ve received nearly $11 million from AIPAC
WATCH: Felony suspect’s ocean getaway unravels after 90-minute standoff with lifeguards
Covert DNA sample from Colorado man’s trash revives 44-year-old Texas murder case: report
Don Lemon Claims People Are Begging Him to Run for President and He’s ‘Totally Serious’ About Doing It
Olive Garden’s Never-Ending Pasta Regulation Becomes Unlikely Election Integrity Rallying Point for Conservatives
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.
