3 Big China Numbers from This Week. China Matters

from The Distilled Perspective of
Patrick T Bulger, Capital Management & Analytics

In the Global View, China Matters,
When prosperity is questionable in one of the largest players at the table,
We all have potential for exposure in many ways.

• Note: Social Financing from China is a Seasonally Front Loaded Calendar Year Event.

We had three important releases in the overnight
from the People's Bank of China (PBOC) and
China's National Bureau of Statistics (NBS):

1) Social Financing, closely resembles last year’s number...so, not so "Growth".

2) China Outstanding Loan Growth, declined to lows only seen in the 2015 area
Referred to as the "Industrial Recession".

3) China House Prices continued their string of declines that began in 2023. This is the 4th month in a row of declines trending downward. Reported by the NBS.
This is not seen as seasonal, but as structural weakness.

• Our key takeaway...
No Bazooka, Not Green Shoots...
Not Stimulus. Potentially unwell.

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Thanks for reading,

PTB

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