string(13) "markets-macro"

Macro

April 3, 2020

Work resumption update

On Friday, work resumption in China continued to inch higher, according to the Trivium Business Activity Index. Here are our latest calculations as of April 3: TheTrivium National Business Activity Indexindicates that China’s economy is operating at 79.0% of typical output, up from 78.3% on Ap… Username Password Remember Me Forgot Password

On Friday, work resumption in China continued to inch higher, according to the Trivium Business Activity Index.
Here are our latest calculations as of April 3:

TheTrivium National Business Activity Indexindicates that China’s economy is operating at 79.0% of typical output, up from 78.3% on Ap...

sources

Trivium: Trivium Business Activity Index

April 3, 2020

Travel restrictionsback in Wuhan

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases. On April 2 (NHC): There were 31 new confirmed cases, 29 of which were imported. There were also 60 new confirmed asymptomatic cases, of which seven were imported. This is concerning (Wuh…

This morning, the National Health Commission (NHC) dropped the latest numbers for domestic COVID-19 cases.
On April 2 (NHC):

There were 31 new confirmed cases, 29 of which were imported.
There were also 60 new confirmed asymptomatic cases, of which seven were imported.

This is concerning (Wuh...

sources

NHC: 截至4月2日24时新型冠状病毒肺炎疫情最新情况

Wuhan Gov: 武汉市新冠肺炎疫情动态（2020年4月2日）

Xinhua: 李克强主持召开中央应对新冠肺炎疫情工作领导小组会议部署加强无症状感染者管理并开展流行病学调查做好陆地边境防范疫情跨境输入工作优化防控措施有力有序积极推进复工复产王沪宁出席

Wuhan Gov: 武汉市新冠肺炎疫情防控指挥部关于建立疫情防控长效机制持续做好小区封控管理工作的通知

April 2, 2020

Work resumption update

On Thursday, resumption stats continued to gradually inch their way skyward. Here are our latest calculations as of April 2: The Trivium National Business Activity Index indicates that China’s economy is operating at 78.3% of typical output. The Trivium National Large Enterprise Acti…

On Thursday, resumption stats continued to gradually inch their way skyward.
Here are our latest calculations as of April 2:

The Trivium National Business Activity Index indicates that China’s economy is operating at 78.3% of typical output.
The Trivium National Large Enterprise Acti...

sources

Trivium: Trivium Business ActivityIndex

April 2, 2020

A new lockdown

On Thursday afternoon, the National Health Commission released new numbers for domestic COVID-19 cases. On April 1 (NHC): There were 35 new confirmed cases, all of which were imported. There were also 55 new confirmed asymptomatic cases, of which 17 were imported. Do the math: That means that…

On Thursday afternoon, the National Health Commission released new numbers for domestic COVID-19 cases.
On April 1 (NHC):

There were 35 new confirmed cases, all of which were imported.
There were also 55 new confirmed asymptomatic cases, of which 17 were imported.

Do the math: That means that...

sources

NHC: 截至4月1日24时新型冠状病毒肺炎疫情最新情况

Bloomberg: Chinese County Back Under Lockdown After Coronavirus Cases Re-Emerge

April 2, 2020

Old guard vs. young bucks

On Thursday, The Paper published an article by veteran diplomat and former vice minister of foreign affairsFu Ying. Fu argued that China should be more sophisticated in its international diplomacy (People’s Daily): “To counter others’ prejudices, we cannot simply criticize them and get de…

On Thursday, The Paper published an article by veteran diplomat and former vice minister of foreign affairsFu Ying.
Fu argued that China should be more sophisticated in its international diplomacy (People’s Daily):

“To counter others’ prejudices, we cannot simply criticize them and get de...

sources

People's Daily: 傅莹人民日报撰文：在讲好中国故事中提升话语权

Reuters: In China, a young diplomat rises as aggressive foreign policy takes root

April 2, 2020

Cold comfort forSMEs

Xi Jinping concluded his trip to Zhejiang yesterday. According to Xi, he came to Zhejiang for the SMEs (People’s Daily): “Zhejiang is an economy where SMEs are the main body. I came to Zhejiang to study them.” He levelled with them about the difficulties the economy was facing: “Now the difficult…

Xi Jinping concluded his trip to Zhejiang yesterday.
According to Xi, he came to Zhejiang for the SMEs (People’s Daily):

“Zhejiang is an economy where SMEs are the main body. I came to Zhejiang to study them.”

He levelled with them about the difficulties the economy was facing:

“Now the difficult...

sources

People.cn: 冲寒已觉东风暖——记习近平总书记在浙江调研疫情防控和复工复产

Xinhua: 习近平在浙江考察时强调统筹推进疫情防控和经济社会发展工作奋力实现今年经济社会发展目标任务

April 2, 2020

The financial sector opens further

Financial sector opening keeps on keepin’ on. The latest examples: “The China Securities Regulatory Commission said [Wednesday] it had accepted applications fromBlackRock and US investment manager Neuberger Berman…to set up mutual fund [businesses] in China.” (FT) “It…follows China’s approval …

Financial sector opening keeps on keepin’ on.
The latest examples:

“The China Securities Regulatory Commission said [Wednesday] it had accepted applications fromBlackRock and US investment manager Neuberger Berman…to set up mutual fund [businesses] in China.” (FT)
“It…follows China’s approval ...

sources

Financial Times: BlackRock applies to set up China mutual fund business

Reuters: BlackRock, Neuberger Berman apply for China fund business as Beijing steps up deregulation

April 2, 2020

Wuhan drops economic data

On Monday, the Wuhan Bureau of Statistics published its first set of economic data since the beginning of the COVID-19 epidemic. Here’s the data for Jan-Feb: Industrial value-added fromlargeenterprisescontracted by 32.6% y/y. Retail consumption contracted by 42.1% y/y. Total imports and exports con…

On Monday, the Wuhan Bureau of Statistics published its first set of economic data since the beginning of the COVID-19 epidemic.
Here’s the data for Jan-Feb:

Industrial value-added fromlargeenterprisescontracted by 32.6% y/y.
Retail consumption contracted by 42.1% y/y.
Total imports and exports con...

sources

21st Century Biz: 武汉疫情攻坚期经济数据发布：消费为去年六成，投资下降72%

April 2, 2020

SMEs still struggling

Looks like we’ll have to keep the bubbly on ice. After the National Bureau of Statistics reported a huge jump in manufacturing PMI for March (see March 31 Tip Sheet), the Caixin-Markit manufacturing PMI reported Wednesday showed a much less rosy picture. Just to remind you: The official NBS ro…

Looks like we’ll have to keep the bubbly on ice.
After the National Bureau of Statistics reported a huge jump in manufacturing PMI for March (see March 31 Tip Sheet), the Caixin-Markit manufacturing PMI reported Wednesday showed a much less rosy picture.
Just to remind you:

The official NBS ro...

sources

Marketwatch: Caixin China manufacturing PMI rebounds in March

April 1, 2020

This is not the stimulus you’re looking for

The State Council held its weekly executive meeting on Tuesday. Top of the agenda: Supporting the economy. Here’s the plan (Gov.cn): The PBOC will up its relending and rediscounting quota by RMB 1 trillion. Further targeted RRR cuts to help SMEs are also coming. Additional local government bon…

The State Council held its weekly executive meeting on Tuesday.
Top of the agenda: Supporting the economy.
Here’s the plan (Gov.cn):

The PBOC will up its relending and rediscounting quota by RMB 1 trillion.
Further targeted RRR cuts to help SMEs are also coming.
Additional local government bon...

sources

Gov.cn: 李克强主持召开国务院常务会议确定再提前下达一批地方政府专项债额度带动扩大有效投资等

Gov.cn: China to roll out mix of fiscal, financial policies to vigorously meet challenges

April 1, 2020

Huawei falls into line

Angry recriminations between China and the US over the COVID-19 outbreak have taken center stage in the pastfew weeks. But that is hardly the only point of friction in the bilateral relationship. A budding tech war is also roiling the waters. Some context: Last week, Reuters reported that the U…

Angry recriminations between China and the US over the COVID-19 outbreak have taken center stage in the pastfew weeks.
But that is hardly the only point of friction in the bilateral relationship. A budding tech war is also roiling the waters.
Some context: Last week, Reuters reported that the U...

sources

The Paper: 美国对芯片商供货限制升级？华为轮值董事长：相信中国会反制

Source: Huawei Warns U.S. of Retaliation by Beijing; Profit Growth Slows

April 1, 2020

Economic normalization continues edging up

Businesses throughout China continue to get back to work – a welcome development on the first day of the second quarter of 2020. Here are our latest calculations as of April 1: The Trivium National Business Activity Index indicates that China’s economy is operating at 77.7% of typical output, …

Businesses throughout China continue to get back to work – a welcome development on the first day of the second quarter of 2020.
Here are our latest calculations as of April 1:

The Trivium National Business Activity Index indicates that China’s economy is operating at 77.7% of typical output, ...

sources

Trivium: Trivium Business Activity Index

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