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…
Trump vows US will strike Iran’s power plants, bridges if Strait of Hormuz is not reopened
Federal judge blocks Trump push to collect race-based admissions data
Scott Jennings Mocks Dems Over Radical ‘No Kings’ Rallies
Kangaroo Escapes Petting Zoo in Feat of Derring-Do, Leads Zookeeper on 3-Day Chase as Heat-Seeking Drone Helps Solve the Case
This Democrat vows to save Nebraska’s ‘Blue Dot.’ Critics say he’s the one putting it at risk
Artemis II astronauts face toilet trouble as they head toward the moon
Breaking: Downed US F-15 Crew Member Rescued After Evading Capture in Iranian Mountains
DHS slams Democrat Sen Chris Van Hollen claim, says illegal alien caused crash while fleeing ICE
Illegal migrant charged in deadly 124 mph chase that killed pregnant teen, unborn child
Massive manhunt underway in New Hampshire town after gunman allegedly wounds police officer, fires on family
Jesse Watters Asks Todd Blanche Point-Blank If He Thinks Bondi Mishandled Epstein Files
Hegseth Says Service Members May Carry Firearms on Military Bases Reversing Dangerous Biden Policy
A de facto pro forma: Why Washington fixated these sessions as the DHS shutdown dragged on through recess
Tom Homan Reveals What’s Next for DOJ After Bondi’s Exit
At least 13 people injured after vehicle slams into Louisiana parade: sheriff’s office
Source: Bloomberg
… reaffirming Beijing’s impotence at stimulating the all-important credit impulse which is barely above cycle lows…
Trump vows US will strike Iran’s power plants, bridges if Strait of Hormuz is not reopened
Federal judge blocks Trump push to collect race-based admissions data
Scott Jennings Mocks Dems Over Radical ‘No Kings’ Rallies
Kangaroo Escapes Petting Zoo in Feat of Derring-Do, Leads Zookeeper on 3-Day Chase as Heat-Seeking Drone Helps Solve the Case
This Democrat vows to save Nebraska’s ‘Blue Dot.’ Critics say he’s the one putting it at risk
Artemis II astronauts face toilet trouble as they head toward the moon
Breaking: Downed US F-15 Crew Member Rescued After Evading Capture in Iranian Mountains
DHS slams Democrat Sen Chris Van Hollen claim, says illegal alien caused crash while fleeing ICE
Illegal migrant charged in deadly 124 mph chase that killed pregnant teen, unborn child
Massive manhunt underway in New Hampshire town after gunman allegedly wounds police officer, fires on family
Jesse Watters Asks Todd Blanche Point-Blank If He Thinks Bondi Mishandled Epstein Files
Hegseth Says Service Members May Carry Firearms on Military Bases Reversing Dangerous Biden Policy
A de facto pro forma: Why Washington fixated these sessions as the DHS shutdown dragged on through recess
Tom Homan Reveals What’s Next for DOJ After Bondi’s Exit
At least 13 people injured after vehicle slams into Louisiana parade: sheriff’s office
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%
Trump vows US will strike Iran’s power plants, bridges if Strait of Hormuz is not reopened
Federal judge blocks Trump push to collect race-based admissions data
Scott Jennings Mocks Dems Over Radical ‘No Kings’ Rallies
Kangaroo Escapes Petting Zoo in Feat of Derring-Do, Leads Zookeeper on 3-Day Chase as Heat-Seeking Drone Helps Solve the Case
This Democrat vows to save Nebraska’s ‘Blue Dot.’ Critics say he’s the one putting it at risk
Artemis II astronauts face toilet trouble as they head toward the moon
Breaking: Downed US F-15 Crew Member Rescued After Evading Capture in Iranian Mountains
DHS slams Democrat Sen Chris Van Hollen claim, says illegal alien caused crash while fleeing ICE
Illegal migrant charged in deadly 124 mph chase that killed pregnant teen, unborn child
Massive manhunt underway in New Hampshire town after gunman allegedly wounds police officer, fires on family
Jesse Watters Asks Todd Blanche Point-Blank If He Thinks Bondi Mishandled Epstein Files
Hegseth Says Service Members May Carry Firearms on Military Bases Reversing Dangerous Biden Policy
A de facto pro forma: Why Washington fixated these sessions as the DHS shutdown dragged on through recess
Tom Homan Reveals What’s Next for DOJ After Bondi’s Exit
At least 13 people injured after vehicle slams into Louisiana parade: sheriff’s office
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.
Trump vows US will strike Iran’s power plants, bridges if Strait of Hormuz is not reopened
Federal judge blocks Trump push to collect race-based admissions data
Scott Jennings Mocks Dems Over Radical ‘No Kings’ Rallies
Kangaroo Escapes Petting Zoo in Feat of Derring-Do, Leads Zookeeper on 3-Day Chase as Heat-Seeking Drone Helps Solve the Case
This Democrat vows to save Nebraska’s ‘Blue Dot.’ Critics say he’s the one putting it at risk
Artemis II astronauts face toilet trouble as they head toward the moon
Breaking: Downed US F-15 Crew Member Rescued After Evading Capture in Iranian Mountains
DHS slams Democrat Sen Chris Van Hollen claim, says illegal alien caused crash while fleeing ICE
Illegal migrant charged in deadly 124 mph chase that killed pregnant teen, unborn child
Massive manhunt underway in New Hampshire town after gunman allegedly wounds police officer, fires on family
Jesse Watters Asks Todd Blanche Point-Blank If He Thinks Bondi Mishandled Epstein Files
Hegseth Says Service Members May Carry Firearms on Military Bases Reversing Dangerous Biden Policy
A de facto pro forma: Why Washington fixated these sessions as the DHS shutdown dragged on through recess
Tom Homan Reveals What’s Next for DOJ After Bondi’s Exit
At least 13 people injured after vehicle slams into Louisiana parade: sheriff’s office
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.
Trump vows US will strike Iran’s power plants, bridges if Strait of Hormuz is not reopened
Federal judge blocks Trump push to collect race-based admissions data
Scott Jennings Mocks Dems Over Radical ‘No Kings’ Rallies
Kangaroo Escapes Petting Zoo in Feat of Derring-Do, Leads Zookeeper on 3-Day Chase as Heat-Seeking Drone Helps Solve the Case
This Democrat vows to save Nebraska’s ‘Blue Dot.’ Critics say he’s the one putting it at risk
Artemis II astronauts face toilet trouble as they head toward the moon
Breaking: Downed US F-15 Crew Member Rescued After Evading Capture in Iranian Mountains
DHS slams Democrat Sen Chris Van Hollen claim, says illegal alien caused crash while fleeing ICE
Illegal migrant charged in deadly 124 mph chase that killed pregnant teen, unborn child
Massive manhunt underway in New Hampshire town after gunman allegedly wounds police officer, fires on family
Jesse Watters Asks Todd Blanche Point-Blank If He Thinks Bondi Mishandled Epstein Files
Hegseth Says Service Members May Carry Firearms on Military Bases Reversing Dangerous Biden Policy
A de facto pro forma: Why Washington fixated these sessions as the DHS shutdown dragged on through recess
Tom Homan Reveals What’s Next for DOJ After Bondi’s Exit
At least 13 people injured after vehicle slams into Louisiana parade: sheriff’s office
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.
