8 up. A bit of a conundrum, it weaker than anticipated growth number when weve got Industrial Production and retail sales beating what was going on. Graphically, there you go. Retail sales, 3. 3 to the upside and that is what has been going on in aggregate. A mixed bag, a miss on the headline gdp but certainly a beat for Industrial Production and retail sales. Yeah, the topline picture is that China Remains the only major economy that is recovering at a pace like this but nonetheless, yeartodate, growth around 0. 7 . Year, beginning of the officials had hoped to get around 6 growth for 2020. Nonetheless, the fact retail sales came in well above the estimates will for economists who say we should see a broader economic recovery in china fueled by infrastructure. Straight cap to the pandemic, there would be focus on whether or not the consumer would step up and the numbers suggest that is happening. Ubss headore from of asia economics and achieve china economist. Always great to get your
Nonstop on cable news. Not just on cable news. We are hearing the very same thing from elected officials including some republican elected officials. We are hearing it from the leaders of federal Law Enforcement agencies and of the intelligence agencies. We are hearing it from the pentagon. Just this week the new Secretary Of Defense ordered the entire u. S. Military to, quote, stand down while investigators cleanse the ranks of political extremists. And of course we are hearing it from the Business Establishment from wall street from the Tech Monopolies from the massive multinational corporations that increasingly control the contours of american life. All of them are now on the hunt for political extremists. And at one level that does not sound bad. Because no sane person is for political extremism, especially violent extremism. We are against it. Were for moderation. We are for incremental change. We are for the consent of the governed. We said that every day for four years and we m
Down. 2 , nonfarm futures, claims better than expected. Next chart, dollar remains in story or theme around the dollar today, relative weakness against the g10 but not so much against emergingmarket currencies. That is what the dollar is doing right now. Weakness in offshore currency remains on the back of this broader news from the trump administration, down. 2 , that is your aussie dollar, risk off mood, down. 1 , and the boe is flat against the u. S. Dollar. Gold move to commodities, publicly above 2050 and out, further gains. Not as Much Movement in terms of stimulus conversations in washington. Barrel, up,42 a maybe on track for gains across the week. And that is your yield for the 1132 and 52. , tencents down on the back of this executive order. Just how much and how significant this move is by President Trump is of course the question, given wechat is largely used by the chineseamerican community. It is not clear how much revenue tencent derives from the u. S. Market, but this i
Companies listed in new york. Tiktok remains a major stumbling block. Uber delivers, but not where we might have expected. Food shipments top ridehailing for the first time as the decade of unchecked growth hits the brakes. Haidi lets kick it off with a check of the markets. U. S. Stocks are surging, pushing higher as hopes of a stimulus to deal in congress will be imminent as President Trump says if nodeal is forthcoming, he could take action himself. The are seeing s p futures looking flat at the moment after the s p 500 pushed its fifth straight positive session overnight. Chicago nikkei futures also pretty flat at the moment ahead of the holidays kicking off next week so as you expect, we are seeing traders shifting their holdings and also assessing a flood of earnings. The aussie dollar holding that threeday again before the rba Quarterly Monetary Policy forecast. That report due out this hour. 72. 33. We heard from phil evans in the previous hour saying he sees putting clear road
Chinas factory deflation deepens in may with Producer Prices falling the fastest in over four years. A surpriseower in jump of u. S. Inventory. Manus its just gone 6 00 a. M. In london. It is seven in frankfurt. The seat of the latest breaking news story about banking. Capital. Erberus a five page letter. This is the language that is being used. You got the same story in front of you. An abject failure to take appropriate actions and the refusal of management and the Supervisory Board to acknowledge the seriousness of the situation. Good morning. Nejra good morning. Exactly. Basically, the letter talks about commerzbank suffering from leadership, lax resolve to slash a bloated cost base. This is according to bloomberg news. That raises the possibility of a shareholder revolt if the bank refuses to appoint its representative. This demand is likely to be a topic of the Supervisory Board meeting wednesday according to a person familiar. What else has caught your eye in terms of what we le