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…
DeSantis Rips California’s ‘Corrosive’ Election System: ‘Count Until You Get the Result You Want?’
Watch: Chaos Erupts at High School Graduation When Graduates Begin Punching Each Other
Tulsi Gabbard reveals husband’s ‘very rare sacral chordoma’: ‘In a lot of pain’ after 7-hour surgery
Dozens of anti-ICE protesters won’t face state charges for storming Minnesota church service, prosecutor says
Former National Security Advisor John Bolton to plead guilty to retaining classified information: sources
Luigi Mangione hearing sealed at defense request as court refuses to explain secrecy
SEE IT: House floor erupts after GOP lawmaker accuses Tlaib of Hezbollah ties
Trump Sounds Alarm on ‘Big Cheating’ in California Gov. and LA Mayor Primaries as Vote Tally Is Updated
EXCLUSIVE VIDEO: Dems face major defeat after party ‘missed the queue’ in top targeted district: candidate
‘Independent’ investigator that absolved Fairfax schools in illegal immigrant groping case teaches ICE evasion tactics
LATE BREAKING VIDEO: UK Cops Have Been Videoed Brutally Beating Someone Protesting Their Outrageous Treatment of Henry Nowak
The growing list of controversies threatening Democrat Graham Platner’s Maine Senate bid
Conservatives erupt after Al Green melts down during viral clash: ‘Unhinged lunatic’
Trump says he will nominate acting AG Todd Blanche to permanently lead Justice Department
US military kills two alleged narco-terrorists in latest Eastern Pacific strike on drug-trafficking vessel
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
DeSantis Rips California’s ‘Corrosive’ Election System: ‘Count Until You Get the Result You Want?’
Watch: Chaos Erupts at High School Graduation When Graduates Begin Punching Each Other
Tulsi Gabbard reveals husband’s ‘very rare sacral chordoma’: ‘In a lot of pain’ after 7-hour surgery
Dozens of anti-ICE protesters won’t face state charges for storming Minnesota church service, prosecutor says
Former National Security Advisor John Bolton to plead guilty to retaining classified information: sources
Luigi Mangione hearing sealed at defense request as court refuses to explain secrecy
SEE IT: House floor erupts after GOP lawmaker accuses Tlaib of Hezbollah ties
Trump Sounds Alarm on ‘Big Cheating’ in California Gov. and LA Mayor Primaries as Vote Tally Is Updated
EXCLUSIVE VIDEO: Dems face major defeat after party ‘missed the queue’ in top targeted district: candidate
‘Independent’ investigator that absolved Fairfax schools in illegal immigrant groping case teaches ICE evasion tactics
LATE BREAKING VIDEO: UK Cops Have Been Videoed Brutally Beating Someone Protesting Their Outrageous Treatment of Henry Nowak
The growing list of controversies threatening Democrat Graham Platner’s Maine Senate bid
Conservatives erupt after Al Green melts down during viral clash: ‘Unhinged lunatic’
Trump says he will nominate acting AG Todd Blanche to permanently lead Justice Department
US military kills two alleged narco-terrorists in latest Eastern Pacific strike on drug-trafficking vessel
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%
DeSantis Rips California’s ‘Corrosive’ Election System: ‘Count Until You Get the Result You Want?’
Watch: Chaos Erupts at High School Graduation When Graduates Begin Punching Each Other
Tulsi Gabbard reveals husband’s ‘very rare sacral chordoma’: ‘In a lot of pain’ after 7-hour surgery
Dozens of anti-ICE protesters won’t face state charges for storming Minnesota church service, prosecutor says
Former National Security Advisor John Bolton to plead guilty to retaining classified information: sources
Luigi Mangione hearing sealed at defense request as court refuses to explain secrecy
SEE IT: House floor erupts after GOP lawmaker accuses Tlaib of Hezbollah ties
Trump Sounds Alarm on ‘Big Cheating’ in California Gov. and LA Mayor Primaries as Vote Tally Is Updated
EXCLUSIVE VIDEO: Dems face major defeat after party ‘missed the queue’ in top targeted district: candidate
‘Independent’ investigator that absolved Fairfax schools in illegal immigrant groping case teaches ICE evasion tactics
LATE BREAKING VIDEO: UK Cops Have Been Videoed Brutally Beating Someone Protesting Their Outrageous Treatment of Henry Nowak
The growing list of controversies threatening Democrat Graham Platner’s Maine Senate bid
Conservatives erupt after Al Green melts down during viral clash: ‘Unhinged lunatic’
Trump says he will nominate acting AG Todd Blanche to permanently lead Justice Department
US military kills two alleged narco-terrorists in latest Eastern Pacific strike on drug-trafficking vessel
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.
DeSantis Rips California’s ‘Corrosive’ Election System: ‘Count Until You Get the Result You Want?’
Watch: Chaos Erupts at High School Graduation When Graduates Begin Punching Each Other
Tulsi Gabbard reveals husband’s ‘very rare sacral chordoma’: ‘In a lot of pain’ after 7-hour surgery
Dozens of anti-ICE protesters won’t face state charges for storming Minnesota church service, prosecutor says
Former National Security Advisor John Bolton to plead guilty to retaining classified information: sources
Luigi Mangione hearing sealed at defense request as court refuses to explain secrecy
SEE IT: House floor erupts after GOP lawmaker accuses Tlaib of Hezbollah ties
Trump Sounds Alarm on ‘Big Cheating’ in California Gov. and LA Mayor Primaries as Vote Tally Is Updated
EXCLUSIVE VIDEO: Dems face major defeat after party ‘missed the queue’ in top targeted district: candidate
‘Independent’ investigator that absolved Fairfax schools in illegal immigrant groping case teaches ICE evasion tactics
LATE BREAKING VIDEO: UK Cops Have Been Videoed Brutally Beating Someone Protesting Their Outrageous Treatment of Henry Nowak
The growing list of controversies threatening Democrat Graham Platner’s Maine Senate bid
Conservatives erupt after Al Green melts down during viral clash: ‘Unhinged lunatic’
Trump says he will nominate acting AG Todd Blanche to permanently lead Justice Department
US military kills two alleged narco-terrorists in latest Eastern Pacific strike on drug-trafficking vessel
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.
DeSantis Rips California’s ‘Corrosive’ Election System: ‘Count Until You Get the Result You Want?’
Watch: Chaos Erupts at High School Graduation When Graduates Begin Punching Each Other
Tulsi Gabbard reveals husband’s ‘very rare sacral chordoma’: ‘In a lot of pain’ after 7-hour surgery
Dozens of anti-ICE protesters won’t face state charges for storming Minnesota church service, prosecutor says
Former National Security Advisor John Bolton to plead guilty to retaining classified information: sources
Luigi Mangione hearing sealed at defense request as court refuses to explain secrecy
SEE IT: House floor erupts after GOP lawmaker accuses Tlaib of Hezbollah ties
Trump Sounds Alarm on ‘Big Cheating’ in California Gov. and LA Mayor Primaries as Vote Tally Is Updated
EXCLUSIVE VIDEO: Dems face major defeat after party ‘missed the queue’ in top targeted district: candidate
‘Independent’ investigator that absolved Fairfax schools in illegal immigrant groping case teaches ICE evasion tactics
LATE BREAKING VIDEO: UK Cops Have Been Videoed Brutally Beating Someone Protesting Their Outrageous Treatment of Henry Nowak
The growing list of controversies threatening Democrat Graham Platner’s Maine Senate bid
Conservatives erupt after Al Green melts down during viral clash: ‘Unhinged lunatic’
Trump says he will nominate acting AG Todd Blanche to permanently lead Justice Department
US military kills two alleged narco-terrorists in latest Eastern Pacific strike on drug-trafficking vessel
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.
