According to Fathom Consulting,
a global independent macro research consultancy, it's proprietary China
Momentum Indicator 2.0 has slowed to 4.6% in June, the lowest reading since Aug. 2016.
独立系世界マクロコンサルタント Fathom Consultingによると、彼ら独自のChina Momentum Indicator 2.0が6月に4.6%まで減速した、2015年8月以来の低位だ。
There is also a growing gap between the China Momentum Indicator 2.0 at 4.6% and official GDP data at 6.2%. Might suggest China's economy hasn't yet bottomed, could continue to decline through 2H19 into 1H20.
China Momentum Indicator 2.0の4.6%と公式GDPデータ6.2%の間には大きな乖離がある。ということは中国経済はまだ底入れしていないことを示唆している、2019H2から2020H1にかけてさらに下落の可能性がある。
Gary Cohn, the former chief economic advisor to Donald Trump, has
said the slowdown predates the trade war and reflects a strategic
decision by China to rebalance the economy.
トランプ政権の元主任経済アドバイザ Gary Cohnによると、中国経済減速は貿易戦争前から始まっており、中国の経済再構築戦略を反映している。
Fathom notes that China's economy was even slowing before the rebalancing. Fathomの報告では、中国経済は再構築前から減速していた。
The global macro research firm said, "with the consumer share of total import demand on a downward trend since 2016, we also find little evidence to suggest that China is successfully rebalancing."
To combat dangerous crosscurrents of the trade war disrupting global
supply chains in and out of China, Chinese policymakers resorted to the
same playbook as before, pump the economy with record amounts of the
stimulus earlier in the year.
Currency depreciation came into the picture when President Trump
escalated the trade war by raising tariffs to 25% from 10% on $200
billion of Chinese goods in May. Then a massive devaluation of the
renminbi followed in early August, when the president slapped 10%
tariffs on $300 billion worth of Chinese goods, effective Sept. 1.
"Trade talks are continuing, and during the talks the U.S. will
start, on Sept. 1, putting a small additional Tariff of 10% on the
remaining 300 Billion Dollars of goods and products coming from China
into our Country...We look forward to continuing our positive dialogue
with China on a comprehensive Trade Deal, and feel that the future
between our two countries will be a very bright one!" Trump said in a
tweet last month.
Since the trade war began last March, the renminbi has
weakened 13% against the U.S. dollar, neutralizing some of the tariffs
imposed by the U.S. on imports from China. 昨年3月に貿易戦争が始まって以来、人民元は対米ドルで13%弱くなっている、これが米国の関税強化をある程度緩和している。
Currency devaluation undermines hopes for a soft landing, while
further infuriating the Trump administration who has recently branded
China as a currency manipulator.
And for more bad news, China has said its rebalancing will continue
through 2020 and offered a pessimistic view of how Beijing won't sign a
trade deal until after the November 2020 election. This would almost
guarantee China is allowing its export economy to weaken while
stimulating its domestic economy, all in the attempt to trigger a
recession in the U.S. to diminish President Trump's probabilities of
getting reelected.
Amazonで買物をしてContrarianJを応援しよう Albert Edwards: This Was The Final Recessionary Shoe, And It Has Now Fallen by Tyler Durden Thu, 06/27/2019 - 12:45 Exactly three months ago, in late March, the 3 month-10 year spread inverted for the first time since 2007... ちょうど3か月前の3月遅くのことだ、3M10Yスプレッドが2007年以来初めて反転した・・・・ ... an event which sparked near-panic in the market as historically curve inversion has preceded the last 7 recessions. ・・・市場は準混乱状態になった、というのも歴史的に見てイールドカーブ反転が過去7回の景気後退の前兆となっているからだ。 However, while the inversion was certainly a memorable event, the question on everyone's lips is how do risk assets perform once the curve flattens and/or inverts. According to backtests from Goldman, since the mid-1980s, significant stock drawdowns (i.e. market crashes) began only when term slope started steepening after being inverted. ...
Powell Keeps The Bond Bull Kicking Written by Lance Roberts | Mar, 21, 2019 In a widely expected outcome, the Federal Reserve announced no change to the Fed funds rate but did leave open the possibility of a rate hike next year. Also, they committed to stopping “Quantitative Tightening (or Q.T.)” by the end of September. 多くの人が予想したとおり、FEDはFFR変更をしないだけでなく来年も不明とした。さらには、QTを9月末に終えると約束した。 The key language from yesterday’s announcement was: 昨日の発表の重要な部分はこういう具合だ: “ Information received since the Federal Open Market Committee met in January indicates that the labor market remains strong but that growth of economic activity has slowed from its solid rate in the fourth quarter . Payroll employment was little changed in February, but job gains have been solid, on average, in recent months, and the unemployment rate has remained low. 「1月のFOMC以来の情報を分析すると、労働市場は強いがQ4に比べると経済成長は鈍化している。2月の雇用環境にほとんど変化がなかった、ここ数ヶ月確実に雇用は増えている、そして失業率は低いままだ。 Recent indicators point to s...
Amazonで買物をしてContrarianJを応援しよう "On The Precipice" by Tyler Durden Mon, 06/24/2019 - 14:30 Authored by Kevin Ludolph via Crescat Capital, Dear Investors: The US stock market is retesting its all-time highs at record valuations yet again. We strongly believe it is poised to fail. The problem for bullish late-cycle momentum investors trying to play a breakout to new highs here is the oncoming freight train of deteriorating macro-economic conditions. 米国株式は記録的バリエーションのもとで再度過去最高を試している。私どもはこれが失敗すると強く信じている。景気拡大終盤で強気のモメンタム投資家が新高値を試そうとしていることの問題は、マクロ経済条件の悪化にある。 US corporate profit growth, year-over-year, for the S&P 500 already fully evaporated in the first quarter of 2019 and is heading toward outright decline for the full year based on earnings estimate revision trends. Note the alligator jaws divergence in the chart be...