Archive for August, 2012
File not found. Miserable Euro area: Misery Index hovers at record high
Misery Index for Euro area is hovering at record high, showing that Euro area feels very miserable.
Euro area unemployment rate stayed at 11.3% in July
Euro area unemployment stayed at 11.3% in July.
Commodities, Markets. 31 August, 2012, 16:46
China’s Steelmakers make US$0.26 for each tonne of steel, says CISA
Falling steel prices are squeezing China’s steelmakers profit to almost non-existent for the industry as a whole.
China, Financials. 31 August, 2012, 15:41
Chinese banks may have lent RMB600 billion in August
Chinese banks may have lent RMB600 billion for the month, up from about RMB540 billion in July.
An economist at China’s State Council sees economic crisis coming
An economist at China’s State Council Development Research Centre recently predicts an economic crisis.
China, Real Estate. 31 August, 2012, 11:18
China’s real estate developers are looking forward to peak season
As August is coming to an end, real estate developers in China look forward to the peak season.
Markets, Rates and Bonds. 31 August, 2012, 3:35
US money market funds continue to show risk aversion
US MMFs exposure to European banks are increasingly done via repo.
Is this the Price Signal We have been Waiting For?
Today’s decline of euro could be an important signal.
China, Financials. 30 August, 2012, 17:53
Debts rollover in China: the curious case of steel companies
Some items on steel companies’ accounts which look suspiciously like debt rollover.
China will buy European bonds, says WJB, while Paul Donovan is not impressed
German Chancellor Angela Merkel is in China, and Chinese Premier WJB is expressing interest in buying European bonds after fully evaluating the risks (via WSJ Chinese), something that is done every once in a while for the peripheral Europe, and is just part of the recurring “China will save the world” theme. Only that China [...]
China, Financials. 30 August, 2012, 15:11
Chinese banks are rolling over local governments’ debts
Chinese banks are rolling over debts owed by local governments.
Commodities, Markets. 30 August, 2012, 12:37
Iron ore and cotton inventories at Chinese ports remain at elevated levels
Chinese ports are now so full of iron ore and cotton.
People’s Bank of China injects RMB40 billion of liquidity via reverse repo
PBOC conducts another round of reverse repo today, providing RMB40 billion of liquidity.
An unexpected proponent of QE3
CICC now thinks that QE3 will do more good than harm for China.
China’s rail cargo volume declined further in July
China’s rail cargo volume in July 2012 fell 8.2% yoy, indicating that economic weakness continues well into third quarter.
Commodities, Markets. 29 August, 2012, 15:21
Steel and iron ore prices in China make new lows
Steel and iron ore prices in China are making new low after new low, just like Chinese equities.
Shanghai Composite makes new post-crisis low (again, again, and again)
Shanghai composite makes new post-crisis low again, again, again, and again.
The risk of “triangular debt” is growing in China
Only just a few days ago, a few government ministries and departments started to be concerned about the so-called “triangular debt”. In very simply terms, “triangular debt” simply describes a situation where companies owe money to each other. The cause for the rise of such liabilities were usually that companies trying to delay payments of [...]
China, Real Estate. 29 August, 2012, 13:33
Local governments in China sell land plots while foreign investors turn cautious
Yesterday, we noted that the government of Wenzhou has put up 52 land plots for sale all in one go. A sign of desperation, as government’s revenue fell amid slowing economy and weak real estate market. Of course, this is not a unique phenomenon in Wenzhou. On the whole, land sales revenue for the whole [...]
Economy, United States. 29 August, 2012, 11:38
US consumers remain uncertain in spite of increased net worth
Consumer confidence did not improve together with other economic indicators and stock market.