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…
Appeals Court Blocks Part of ‘Stop WOKE Act’ in Florida, Allows Professors to Openly Teach Racism Against Whites
Graham Platner Officially Goes Out How You’d Expect: ‘Free Palestine,’ Vulgar Message for ICE, No Accountability or Seriousness
The new ‘Supergirl’ is a cheerless comic book movie
The World Cup comes to America: Passion, resilience, and the politics of hosting
Former top cop warns of loophole exploited by illicit Chinese vape companies ‘targeting our youth’
America’s cheapest city to grab a cheeseburger, fries and soda isn’t where you’d expect
Why do progressives forgive failed government?
Trump warns US would ‘decimate and destroy’ Iran over assassination attempt
California men accused of $100K burglary allegedly took selfies while committing crime
Prosecutors seeking death penalty for deported illegal alien indicted in murder of sister-in-law
New Jersey woman accused of sexually assaulting child, posting video on Snapchat: police
Former Obama press aide accused of stealing cash, credit cards, from Minneapolis coworkers to buy kratom
Kelley Paul: America’s Founders were the ‘first civil rights heroes’
Michigan Senate hopeful calls AIPAC donations ‘legalized bribery,’ remains silent on other donations
Trump Admin Knocks Out Radically Woke ‘Equal Opportunity’ Rule, Makes It Much Harder to Sue Over Racism and Win
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Appeals Court Blocks Part of ‘Stop WOKE Act’ in Florida, Allows Professors to Openly Teach Racism Against Whites
Graham Platner Officially Goes Out How You’d Expect: ‘Free Palestine,’ Vulgar Message for ICE, No Accountability or Seriousness
The new ‘Supergirl’ is a cheerless comic book movie
The World Cup comes to America: Passion, resilience, and the politics of hosting
Former top cop warns of loophole exploited by illicit Chinese vape companies ‘targeting our youth’
America’s cheapest city to grab a cheeseburger, fries and soda isn’t where you’d expect
Why do progressives forgive failed government?
Trump warns US would ‘decimate and destroy’ Iran over assassination attempt
California men accused of $100K burglary allegedly took selfies while committing crime
Prosecutors seeking death penalty for deported illegal alien indicted in murder of sister-in-law
New Jersey woman accused of sexually assaulting child, posting video on Snapchat: police
Former Obama press aide accused of stealing cash, credit cards, from Minneapolis coworkers to buy kratom
Kelley Paul: America’s Founders were the ‘first civil rights heroes’
Michigan Senate hopeful calls AIPAC donations ‘legalized bribery,’ remains silent on other donations
Trump Admin Knocks Out Radically Woke ‘Equal Opportunity’ Rule, Makes It Much Harder to Sue Over Racism and Win
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%
Appeals Court Blocks Part of ‘Stop WOKE Act’ in Florida, Allows Professors to Openly Teach Racism Against Whites
Graham Platner Officially Goes Out How You’d Expect: ‘Free Palestine,’ Vulgar Message for ICE, No Accountability or Seriousness
The new ‘Supergirl’ is a cheerless comic book movie
The World Cup comes to America: Passion, resilience, and the politics of hosting
Former top cop warns of loophole exploited by illicit Chinese vape companies ‘targeting our youth’
America’s cheapest city to grab a cheeseburger, fries and soda isn’t where you’d expect
Why do progressives forgive failed government?
Trump warns US would ‘decimate and destroy’ Iran over assassination attempt
California men accused of $100K burglary allegedly took selfies while committing crime
Prosecutors seeking death penalty for deported illegal alien indicted in murder of sister-in-law
New Jersey woman accused of sexually assaulting child, posting video on Snapchat: police
Former Obama press aide accused of stealing cash, credit cards, from Minneapolis coworkers to buy kratom
Kelley Paul: America’s Founders were the ‘first civil rights heroes’
Michigan Senate hopeful calls AIPAC donations ‘legalized bribery,’ remains silent on other donations
Trump Admin Knocks Out Radically Woke ‘Equal Opportunity’ Rule, Makes It Much Harder to Sue Over Racism and Win
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.
Appeals Court Blocks Part of ‘Stop WOKE Act’ in Florida, Allows Professors to Openly Teach Racism Against Whites
Graham Platner Officially Goes Out How You’d Expect: ‘Free Palestine,’ Vulgar Message for ICE, No Accountability or Seriousness
The new ‘Supergirl’ is a cheerless comic book movie
The World Cup comes to America: Passion, resilience, and the politics of hosting
Former top cop warns of loophole exploited by illicit Chinese vape companies ‘targeting our youth’
America’s cheapest city to grab a cheeseburger, fries and soda isn’t where you’d expect
Why do progressives forgive failed government?
Trump warns US would ‘decimate and destroy’ Iran over assassination attempt
California men accused of $100K burglary allegedly took selfies while committing crime
Prosecutors seeking death penalty for deported illegal alien indicted in murder of sister-in-law
New Jersey woman accused of sexually assaulting child, posting video on Snapchat: police
Former Obama press aide accused of stealing cash, credit cards, from Minneapolis coworkers to buy kratom
Kelley Paul: America’s Founders were the ‘first civil rights heroes’
Michigan Senate hopeful calls AIPAC donations ‘legalized bribery,’ remains silent on other donations
Trump Admin Knocks Out Radically Woke ‘Equal Opportunity’ Rule, Makes It Much Harder to Sue Over Racism and Win
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.
Appeals Court Blocks Part of ‘Stop WOKE Act’ in Florida, Allows Professors to Openly Teach Racism Against Whites
Graham Platner Officially Goes Out How You’d Expect: ‘Free Palestine,’ Vulgar Message for ICE, No Accountability or Seriousness
The new ‘Supergirl’ is a cheerless comic book movie
The World Cup comes to America: Passion, resilience, and the politics of hosting
Former top cop warns of loophole exploited by illicit Chinese vape companies ‘targeting our youth’
America’s cheapest city to grab a cheeseburger, fries and soda isn’t where you’d expect
Why do progressives forgive failed government?
Trump warns US would ‘decimate and destroy’ Iran over assassination attempt
California men accused of $100K burglary allegedly took selfies while committing crime
Prosecutors seeking death penalty for deported illegal alien indicted in murder of sister-in-law
New Jersey woman accused of sexually assaulting child, posting video on Snapchat: police
Former Obama press aide accused of stealing cash, credit cards, from Minneapolis coworkers to buy kratom
Kelley Paul: America’s Founders were the ‘first civil rights heroes’
Michigan Senate hopeful calls AIPAC donations ‘legalized bribery,’ remains silent on other donations
Trump Admin Knocks Out Radically Woke ‘Equal Opportunity’ Rule, Makes It Much Harder to Sue Over Racism and Win
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.
