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…
Dunleavy calls Alaska voting system ‘very confusing’ as razor-thin Senate race frozen in time
11th-hour power play targets incoming Dem governor after historic GOP defeat
Watch: Shaq Snubs Angel Reese When She Asks for Picture, Instead Hits Her with Same Insult Gesture She Uses on Other Players
Trump ‘holds all the cards’ in war against Iran’s regime, White House says
Stephen Colbert accused of crossing Harvard picket line before event with Yo-Yo Ma cut short by alarm
Bureaucrats Are Trying to ‘Subvert’ the Trump Administration from Within: Former Adviser
Blue Angels pilot removed from team for ‘failing to uphold’ standards, Navy says
Alice Cooper’s autobiography is a fun read — and surprisingly morally complex
Democrats’ midterm sweep opens path to bypassing Electoral College by 2028
Daughter of Prominent Southern Baptist Pastor Dies at 19, Points Thousands to Jesus as a Result
Florida Just Handed Homeowners a Massive Tax Cut – No New Department Was Required to Pull It Off
GOP’s Gerrymandering Efforts in Several Red States Utterly Failed to Stave Off Midterm Blue Tsunami
MAGA voters reveal who they want to see lead GOP in 2028
Watch: Arab Muslim Reveals in 60 Seconds the Little-Known 2005 Fact That Exposes Palestinians as Total Frauds
DOJ sees exodus of staff after midterm losses
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Dunleavy calls Alaska voting system ‘very confusing’ as razor-thin Senate race frozen in time
11th-hour power play targets incoming Dem governor after historic GOP defeat
Watch: Shaq Snubs Angel Reese When She Asks for Picture, Instead Hits Her with Same Insult Gesture She Uses on Other Players
Trump ‘holds all the cards’ in war against Iran’s regime, White House says
Stephen Colbert accused of crossing Harvard picket line before event with Yo-Yo Ma cut short by alarm
Bureaucrats Are Trying to ‘Subvert’ the Trump Administration from Within: Former Adviser
Blue Angels pilot removed from team for ‘failing to uphold’ standards, Navy says
Alice Cooper’s autobiography is a fun read — and surprisingly morally complex
Democrats’ midterm sweep opens path to bypassing Electoral College by 2028
Daughter of Prominent Southern Baptist Pastor Dies at 19, Points Thousands to Jesus as a Result
Florida Just Handed Homeowners a Massive Tax Cut – No New Department Was Required to Pull It Off
GOP’s Gerrymandering Efforts in Several Red States Utterly Failed to Stave Off Midterm Blue Tsunami
MAGA voters reveal who they want to see lead GOP in 2028
Watch: Arab Muslim Reveals in 60 Seconds the Little-Known 2005 Fact That Exposes Palestinians as Total Frauds
DOJ sees exodus of staff after midterm losses
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%
Dunleavy calls Alaska voting system ‘very confusing’ as razor-thin Senate race frozen in time
11th-hour power play targets incoming Dem governor after historic GOP defeat
Watch: Shaq Snubs Angel Reese When She Asks for Picture, Instead Hits Her with Same Insult Gesture She Uses on Other Players
Trump ‘holds all the cards’ in war against Iran’s regime, White House says
Stephen Colbert accused of crossing Harvard picket line before event with Yo-Yo Ma cut short by alarm
Bureaucrats Are Trying to ‘Subvert’ the Trump Administration from Within: Former Adviser
Blue Angels pilot removed from team for ‘failing to uphold’ standards, Navy says
Alice Cooper’s autobiography is a fun read — and surprisingly morally complex
Democrats’ midterm sweep opens path to bypassing Electoral College by 2028
Daughter of Prominent Southern Baptist Pastor Dies at 19, Points Thousands to Jesus as a Result
Florida Just Handed Homeowners a Massive Tax Cut – No New Department Was Required to Pull It Off
GOP’s Gerrymandering Efforts in Several Red States Utterly Failed to Stave Off Midterm Blue Tsunami
MAGA voters reveal who they want to see lead GOP in 2028
Watch: Arab Muslim Reveals in 60 Seconds the Little-Known 2005 Fact That Exposes Palestinians as Total Frauds
DOJ sees exodus of staff after midterm losses
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.
Dunleavy calls Alaska voting system ‘very confusing’ as razor-thin Senate race frozen in time
11th-hour power play targets incoming Dem governor after historic GOP defeat
Watch: Shaq Snubs Angel Reese When She Asks for Picture, Instead Hits Her with Same Insult Gesture She Uses on Other Players
Trump ‘holds all the cards’ in war against Iran’s regime, White House says
Stephen Colbert accused of crossing Harvard picket line before event with Yo-Yo Ma cut short by alarm
Bureaucrats Are Trying to ‘Subvert’ the Trump Administration from Within: Former Adviser
Blue Angels pilot removed from team for ‘failing to uphold’ standards, Navy says
Alice Cooper’s autobiography is a fun read — and surprisingly morally complex
Democrats’ midterm sweep opens path to bypassing Electoral College by 2028
Daughter of Prominent Southern Baptist Pastor Dies at 19, Points Thousands to Jesus as a Result
Florida Just Handed Homeowners a Massive Tax Cut – No New Department Was Required to Pull It Off
GOP’s Gerrymandering Efforts in Several Red States Utterly Failed to Stave Off Midterm Blue Tsunami
MAGA voters reveal who they want to see lead GOP in 2028
Watch: Arab Muslim Reveals in 60 Seconds the Little-Known 2005 Fact That Exposes Palestinians as Total Frauds
DOJ sees exodus of staff after midterm losses
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.
Dunleavy calls Alaska voting system ‘very confusing’ as razor-thin Senate race frozen in time
11th-hour power play targets incoming Dem governor after historic GOP defeat
Watch: Shaq Snubs Angel Reese When She Asks for Picture, Instead Hits Her with Same Insult Gesture She Uses on Other Players
Trump ‘holds all the cards’ in war against Iran’s regime, White House says
Stephen Colbert accused of crossing Harvard picket line before event with Yo-Yo Ma cut short by alarm
Bureaucrats Are Trying to ‘Subvert’ the Trump Administration from Within: Former Adviser
Blue Angels pilot removed from team for ‘failing to uphold’ standards, Navy says
Alice Cooper’s autobiography is a fun read — and surprisingly morally complex
Democrats’ midterm sweep opens path to bypassing Electoral College by 2028
Daughter of Prominent Southern Baptist Pastor Dies at 19, Points Thousands to Jesus as a Result
Florida Just Handed Homeowners a Massive Tax Cut – No New Department Was Required to Pull It Off
GOP’s Gerrymandering Efforts in Several Red States Utterly Failed to Stave Off Midterm Blue Tsunami
MAGA voters reveal who they want to see lead GOP in 2028
Watch: Arab Muslim Reveals in 60 Seconds the Little-Known 2005 Fact That Exposes Palestinians as Total Frauds
DOJ sees exodus of staff after midterm losses
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.
