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…
New Bill to Ban Abortion Pill Hits Senate
House Democrats ask ICE for contracts on 2,500 marked vehicles overbought under Noem
Missing retired Air Force general consulted on UFOs for Blink-182’s Tom DeLonge
Piers Morgan Asks Former MSNBC Host Mehdi Hasan 7 Times if He’s Glad Khamenei’s Reign Is Over, Gets No Answer
US destroys aging Iranian warplanes, video shows
Powell’s behind-the-scenes move after Trump’s DOJ opened its criminal probe
Texas death row inmate uses final statement before execution to speak directly to victims’ family
CNN’s Ana Navarro Busted for Falsely Claiming NYC Bomber Was Targeting Mamdani Just Hours Before Abby Phillips Apologized for Making the Same Mistake
Op-Ed: Trump and Clinton’s Similarities are Glaring, Why Do Dems See Them So Differently?
GOP billionaire trying to woo Trump’s support in key Georgia race bankrolled his 2024 presidential rivals
Nancy Pelosi endorses former Capitol Police officer Harry Dunn in second congressional bid
Watch: Hilarious Video of Bill Clinton Pushing Hillary Clinton Into Busy Intersection
At least 15 senior CBP employees were pushed out under Noem: Sources
Alabama teen comes to mother’s aid, knocks out stepfather during alleged strangulation attempt
Dr Oz helps older woman who collapsed during Trump’s speech at Kentucky event
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
New Bill to Ban Abortion Pill Hits Senate
House Democrats ask ICE for contracts on 2,500 marked vehicles overbought under Noem
Missing retired Air Force general consulted on UFOs for Blink-182’s Tom DeLonge
Piers Morgan Asks Former MSNBC Host Mehdi Hasan 7 Times if He’s Glad Khamenei’s Reign Is Over, Gets No Answer
US destroys aging Iranian warplanes, video shows
Powell’s behind-the-scenes move after Trump’s DOJ opened its criminal probe
Texas death row inmate uses final statement before execution to speak directly to victims’ family
CNN’s Ana Navarro Busted for Falsely Claiming NYC Bomber Was Targeting Mamdani Just Hours Before Abby Phillips Apologized for Making the Same Mistake
Op-Ed: Trump and Clinton’s Similarities are Glaring, Why Do Dems See Them So Differently?
GOP billionaire trying to woo Trump’s support in key Georgia race bankrolled his 2024 presidential rivals
Nancy Pelosi endorses former Capitol Police officer Harry Dunn in second congressional bid
Watch: Hilarious Video of Bill Clinton Pushing Hillary Clinton Into Busy Intersection
At least 15 senior CBP employees were pushed out under Noem: Sources
Alabama teen comes to mother’s aid, knocks out stepfather during alleged strangulation attempt
Dr Oz helps older woman who collapsed during Trump’s speech at Kentucky event
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%
New Bill to Ban Abortion Pill Hits Senate
House Democrats ask ICE for contracts on 2,500 marked vehicles overbought under Noem
Missing retired Air Force general consulted on UFOs for Blink-182’s Tom DeLonge
Piers Morgan Asks Former MSNBC Host Mehdi Hasan 7 Times if He’s Glad Khamenei’s Reign Is Over, Gets No Answer
US destroys aging Iranian warplanes, video shows
Powell’s behind-the-scenes move after Trump’s DOJ opened its criminal probe
Texas death row inmate uses final statement before execution to speak directly to victims’ family
CNN’s Ana Navarro Busted for Falsely Claiming NYC Bomber Was Targeting Mamdani Just Hours Before Abby Phillips Apologized for Making the Same Mistake
Op-Ed: Trump and Clinton’s Similarities are Glaring, Why Do Dems See Them So Differently?
GOP billionaire trying to woo Trump’s support in key Georgia race bankrolled his 2024 presidential rivals
Nancy Pelosi endorses former Capitol Police officer Harry Dunn in second congressional bid
Watch: Hilarious Video of Bill Clinton Pushing Hillary Clinton Into Busy Intersection
At least 15 senior CBP employees were pushed out under Noem: Sources
Alabama teen comes to mother’s aid, knocks out stepfather during alleged strangulation attempt
Dr Oz helps older woman who collapsed during Trump’s speech at Kentucky event
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.
New Bill to Ban Abortion Pill Hits Senate
House Democrats ask ICE for contracts on 2,500 marked vehicles overbought under Noem
Missing retired Air Force general consulted on UFOs for Blink-182’s Tom DeLonge
Piers Morgan Asks Former MSNBC Host Mehdi Hasan 7 Times if He’s Glad Khamenei’s Reign Is Over, Gets No Answer
US destroys aging Iranian warplanes, video shows
Powell’s behind-the-scenes move after Trump’s DOJ opened its criminal probe
Texas death row inmate uses final statement before execution to speak directly to victims’ family
CNN’s Ana Navarro Busted for Falsely Claiming NYC Bomber Was Targeting Mamdani Just Hours Before Abby Phillips Apologized for Making the Same Mistake
Op-Ed: Trump and Clinton’s Similarities are Glaring, Why Do Dems See Them So Differently?
GOP billionaire trying to woo Trump’s support in key Georgia race bankrolled his 2024 presidential rivals
Nancy Pelosi endorses former Capitol Police officer Harry Dunn in second congressional bid
Watch: Hilarious Video of Bill Clinton Pushing Hillary Clinton Into Busy Intersection
At least 15 senior CBP employees were pushed out under Noem: Sources
Alabama teen comes to mother’s aid, knocks out stepfather during alleged strangulation attempt
Dr Oz helps older woman who collapsed during Trump’s speech at Kentucky event
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.
New Bill to Ban Abortion Pill Hits Senate
House Democrats ask ICE for contracts on 2,500 marked vehicles overbought under Noem
Missing retired Air Force general consulted on UFOs for Blink-182’s Tom DeLonge
Piers Morgan Asks Former MSNBC Host Mehdi Hasan 7 Times if He’s Glad Khamenei’s Reign Is Over, Gets No Answer
US destroys aging Iranian warplanes, video shows
Powell’s behind-the-scenes move after Trump’s DOJ opened its criminal probe
Texas death row inmate uses final statement before execution to speak directly to victims’ family
CNN’s Ana Navarro Busted for Falsely Claiming NYC Bomber Was Targeting Mamdani Just Hours Before Abby Phillips Apologized for Making the Same Mistake
Op-Ed: Trump and Clinton’s Similarities are Glaring, Why Do Dems See Them So Differently?
GOP billionaire trying to woo Trump’s support in key Georgia race bankrolled his 2024 presidential rivals
Nancy Pelosi endorses former Capitol Police officer Harry Dunn in second congressional bid
Watch: Hilarious Video of Bill Clinton Pushing Hillary Clinton Into Busy Intersection
At least 15 senior CBP employees were pushed out under Noem: Sources
Alabama teen comes to mother’s aid, knocks out stepfather during alleged strangulation attempt
Dr Oz helps older woman who collapsed during Trump’s speech at Kentucky event
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.
