Here is a look at the disturbing impact on life, plus a must read.
The Disturbing Impact On Life
November 11 (King World News) – Peter Boockvar: “The continued and disturbing impact on life, limb, civility, business, etc… of the Hong Kong protests where I applaud the stance and messaging but there seems to be no end in sight, is back to negatively impacting markets in the region and elsewhere today. The Hang Seng index closed lower by 2.6% while the Shanghai comp lost 1.8% and the H share index gave up 2.5%…
BONUS INTERVIEW:
To listen to Doug Casey’s just-released KWN interview discussing his prediction of financial and economic chaos and a panic into gold CLICK HERE OR BELOW:
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Loan growth in October in China slowed to a pace well below expectations. Aggregate financing totaled 619b yuan vs the estimate of 950b with bank lending making up 661b yuan of this vs the forecast of 800b. Thus, the shadow side saw an outright decline in credit extension. Total lending is down 16% y/o/y. October typically sees a decline relative to other months of the year because of a holiday but this was certainly more so than expected. Non financial business borrowing was the least since August 2016 as the demand for credit wanes in light of the economic weakness and the trade battle with the US. This data came out after the markets closed in China.
Japan’s core machinery orders in September, a very volatile figure month to month, fell 2.9% m/o/m, worse than the estimate of up .9% and follows a 2.4% drop in August. This is now the 3rd straight month of declines to close Q3. Hopefully we’ll get that Q4 rebound but to what extent is unknown as the country deals with the VAT hike and its industrial sector faces what comes next between the US and China. The Cabinet Office estimates core orders will rise 3.5% in Q4. The Nikkei was lower by .3% and the 10 yr JGB yield fell for the 1st day in 6 by 1.3 bps to -.06%.
The UK economy in Q3 grew by 1% y/o/y, one tenth less than expected, down from a 1.3% pace in Q2 and is the slowest rate of gain since Q1 2010. Versus Q2, growth was .3% vs the estimate of .4%. Consumer spending was good but offset by weakness in capital spending and inventories. I’m optimistic that Boris Johnson will win handily next month and a Brexit deal will soon follow. I like UK assets denominated in pounds. The pound is higher today but UK stocks are following all European markets lower.
A Must Read
As the Fed is back to cutting rates again in order to encourage the rest of us to borrow more money, please read this article as years of easy money always seems to result in the same thing and a lesson never learned by our central bankers, https://www.wsj.com/articles/a-45-000-loan-for-a-27-000-ride-more-borrowers-are-going-underwater-on-car-loans-11573295400?mod=itp_wsj&ru=yahoo.
***KWN has just released the powerful audio interview with Alasdair Macleod and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
Greyerz – Hell Will Be Unleashed In Global Markets
READ THIS NEXT! Greyerz – Hell Will Soon Be Unleashed In Global Markets CLICK HERE TO READ.
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