Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Fiat Ponzi

Reply
 
LinkBack Thread Tools
Old 01-14-2019, 07:52 AM   #1
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
China reality check

Trade data shows Chian's economy has nosedived:

https://moneymaven.io/mishtalk/econo...k-gOrFjGJ5ORw/

Looks like 2019's global shit sandwich is heating up.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 01-14-2019, 10:11 AM   #2
Yellow Jacket
 
ancona's Avatar
 
Join Date: Nov 2011
Location: Waaay south
Posts: 3,370
Liked: 2046 times
That's not good for us at all. We need China like they need us to buy their products. We have a very important symbiotic relationship.
__________________
All things being equal, the simplest answer is quite often the correct answer - Occam
ancona is offline   Reply With Quote
Old 01-15-2019, 03:36 AM   #3
Yellow Jacket
 
rblong2us's Avatar
 
Join Date: Nov 2011
Location: off world
Posts: 2,053
Liked: 906 times
Then why is the US pivoting away from Russia as enemy and now seeking to make China enemy no 1 ?

Is it because Russia doesnt fall for the bait and China can be goaded by a potential 'loss of face' ?
__________________
if it cant be done with a digger .... it cant be done
rblong2us is offline   Reply With Quote
Old 01-15-2019, 07:19 AM   #4
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
lulz.. A lot of folks over here think our current President is a Russian stooge. But assuming that he isn't, Russia has the military, but not the economic clout. China is (soon to be was?) the economic threat.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 08-07-2019, 08:55 AM   #5
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
I rarely quote KWN here because they are generally over the top with their gold pumping rhetoric, but I saw today where they quoted a couple of comments from Kyle Bass who I generally respect as sharp dude. He had an interview on CNBC where he essentially says that China doesn't have the Treasury Reserves everyone thinks they have because they have been selling them (using forwards) to prop up the Yuan/economy and now they are facing a crunch:

__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-01-2020, 05:57 PM   #6
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
So the Novel Coronavirus is spreading worldwide now. Travel to/from China is starting to get restricted (some airlines have stopped flying to China). As travel wanes, trade is going suffer. It's going to put a hurt on China's economy and the global economy. Central banks around the world really aren't equipped to deal with a major financial/economic crisis.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-03-2020, 08:03 AM   #7
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Skimming news headlines this morning related to the coronavirus...

Chinese markets dropped sharply Monday as coronavirus infections surged past 17,000 with no end in sight ... China's main stock indexes fell more than 8 percent ...
~~~
Saudi Arabia is considering a drastic, short-term oil production cut as it seeks to respond to the impact of China's deadly coronavirus on crude demand, according to OPEC officials.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-03-2020, 09:04 AM   #8
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
...
China’s economic growth is expected to slip this year to 5.6 percent, down from 6.1 percent last year, according to a conservative forecast from Oxford Economics that is based on the impact of the virus so far. That would, in turn, reduce global economic growth for the year by 0.2 percent, to an annual rate of 2.3 percent — the slowest pace since the global financial crisis a decade ago.

Returning from a long holiday for the first time since the coronavirus’s threat became clear, Chinese investors sent shares in China down about 8 percent on Monday. Stock markets around the world have plunged in recent days as the sense takes hold that a public health crisis could morph into an economic shock.
...
https://www.nytimes.com/2020/02/03/b...act-china.html
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-06-2020, 08:26 AM   #9
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
...
The impact on China’s economy will be considerable. Quarantine and internal border controls have been imposed, and local officials are now overcompensating in response to criticism from Beijing that they were slow to respond to the initial outbreak. Businesses and schools are likely to remain closed for weeks. Economic activity in many Chinese cities is sharply reduced.
...
Companies in other countries dependent on Chinese supply chains are already facing a slowdown: Japan, Australia, New Zealand, Singapore, Italy and the U.S. have all imposed travel restrictions. Asian countries will see a sharp reduction in the number of arriving Chinese tourists, an important source of growth.

Oil prices have fallen 20% over the past month on expectations of lower demand from China and reduced sales of jet fuel as flights are grounded. Press reports suggest that China’s daily crude-oil consumption has fallen by 20%, an amount equal to consumption in Britain and Italy combined. OPEC and Russian officials are now debating whether to cut oil production to buoy prices. Prices for metals and other construction materials have fallen.

This is also a hit to the “Phase 1” trade deal the U.S. and China concluded last month. China was already unlikely to purchase the additional $200 billion of U.S. goods over two years that it committed to buying. The slowdown will make that figure hard to achieve.
...
We’re moving closer to the day when it is China’s increasingly hefty economy, not America’s, that’s most to blame for a global recession.
https://time.com/5778995/coronavirus...lobal-economy/
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-12-2020, 08:19 AM   #10
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
OPEC has dramatically lowered its forecast for oil demand growth this year, citing China's coronavirus outbreak as the "major factor" behind its decision.

In a closely-watched monthly report published Wednesday, the Middle East-dominated producer group downwardly revised its outlook for global oil demand growth to 0.99 million barrels per day (bpd) in 2020. That's down by 0.23 million bpd from the previous month's estimate.
...
https://www.cnbc.com/2020/02/12/opec...h-in-2020.html

OPEC says oil demand is going to fall roughly 20% of baseline due to impacts of coronavirus on China (and the world).


Quote :
...
The coronavirus outbreak in China has generated economic waves that are rocking global commodities markets and disrupting the supply networks that act as the backbone of the global economy.

“We’re seeing a rippling out,” said Ed Morse, global head of commodities research at Citigroup in New York. “And we don’t see it stopping.”

Prices for key industrial raw materials such as copper, iron ore, nickel, aluminum and liquid natural gas have plummeted since the virus emerged. Currencies of countries that export these goods at high rates, including Brazil, South Africa and Australia, are near their lowest levels in recent memory. And manufacturers, mining companies and commodity producers of all stripes are weighing whether they will be forced to cut back on production for fear of adding to a growing inventory glut.

The woes of the commodities markets — arguably the worst-performing asset in financial markets this year — reflect the basic reality that China’s industry-heavy economy is the most important consumer of raw materials on earth.
...
Commodities markets have tumbled as those factories idled. Iron ore is down more than 10 percent this year. Copper is down about 8 percent, as is nickel, a key ingredient for stainless steel. Zinc and aluminum are both down more than 5 percent in 2020.
...
One of China’s largest importers of liquefied natural gas, China National Offshore Oil Corporation, or CNOOC, was one of the entities to invoke a “force majeure” clause, according to multiple news reports. Asian gas prices tumbled in response; benchmark prices for North Asian liquid natural gas are down more than 30 percent in 2020.

Copper prices have also been tested as China’s construction and automotive industries have stalled. BHP said it was monitoring the situation and was “working closely with our copper customers” as they returned from the holiday.

For some, the decline in copper is an ominous sign: Copper has long been considered an unofficial leading indicator of the direction of the global economy, because of its close connection to the industrial sector.

On Tuesday, the Federal Reserve chair, Jerome H. Powell, told House Financial Services Committee members that the central bank was “closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy.”

Whether the downturn is a blip or a serious shock is as much a question of epidemiology as economics.

If the spread of the virus starts to slow — as many expect it will — commodities will most likely rebound as production returns to normal and inventories that have been built up over the past few weeks gradually shrink.

“A lot of what’s happened in some of these commodity prices is more speculation that it gets worse before it gets better,” said John LaForge, the head of real asset strategy at Wells Fargo Investment Institute. “My guess is that commodity prices bounce pretty quickly.”

Others are not so sure.

Mr. Morse, at Citigroup, said several key markets — like crude oil — had already been showing softness, suggesting that the global economy was weak even before the virus hit. That could complicate any quick rebound for commodities prices.

“The market has been thinking that there’s going to be a V-shaped recovery at some point,” he said. “And we don’t think that’s in the cards.”
https://www.nytimes.com/2020/02/11/b...mmodities.html

Industrial commodities are hardest hit from slowdowns in China's manufacturing. How will this affect mining production for gold and silver? Silver is generally a byproduct from mining copper. If copper mining is curtailed because of lower demand, silver production should fall too. Gold is likely insulated from this dynamic.

Quote :
Chinese President Xi Jinping warned top officials last week that efforts to contain the new coronavirus had gone too far, threatening the country’s economy, sources told Reuters, days before Beijing rolled out measures to soften the blow.

With growth at its slowest in nearly three decades, China’s leaders seem eager to strike a balance between protecting an already-slowing economy and stamping out an epidemic that has killed more than 1,000 people and infected more than 40,000.

After reviewing reports on the outbreak from the National Development and Reform Commission (NDRC) and other economic departments, Xi told local officials during a Feb 3 meeting of the Politburo’s Standing Committee that some of the actions taken to contain the virus are harming the economy, said two people familiar with the meeting, who declined to be named because of the sensitivity of the matter.

He urged them to refrain from “more restrictive measures”, the two people said.
...
https://www.reuters.com/article/us-c...-idUSKBN2050JL

__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-16-2020, 09:18 PM   #11
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
... there is a very high probability that China's GDP in Q1 will not only flatline, but crater deep in the red for one simple reason: there is no economic activity taking place whatsoever. ...
https://www.zerohedge.com/economics/...proaching-zero

Quote :
... back in November, we reported that as part of a stress test conducted by China's central bank in the first half of 2019, 30 medium- and large-sized banks were tested; In the base-case scenario, assuming GDP growth dropped to 5.3% - nine out of 30 major banks failed and saw their capital adequacy ratio drop to 13.47% from 14.43%. In the worst-case scenario, assuming GDP growth dropped to 4.15%, some 2% below the latest official GDP print, more than half of China's banks, or 17 out of the 30 major banks failed the test. ...

... with GDP set to print negative if Goldman is right (with risk clearly to the downside as China's economy remains completely paralyzed), every single Chinese bank is set to fail a "hypothetical" stress test, and the immediate result is an exponential surge in bad debt. The result, as we discussed in detail last week, is that the bad loan ratio at the nation's 30 biggest banks would soar at least five-fold, and potentially far, far more, flooding the country with trillions in non-performing loans, and unleashing a tsunami of bank defaults.
...
https://www.zerohedge.com/economics/...void-financial

Quote :
...
China's central bank said on Saturday that the country's lenders will tolerate higher levels of bad loans, part of efforts to support companies hit by the coronavirus epidemic.
...
"Corporate debt defaults jumped in 2019 and another spike is likely this year," Enodo Economics said in a research note emailed to Al Jazeera.

"Smaller banks have been stumbling in quick succession since May, with one failed bank, two bailouts and a number of localised bank runs," it added. "Beijing knows it needs to get to grips with its debt problems, and 2020 was shaping up to be a year of decisive bank recapitalisation as well as sector consolidation. Now, the impact of the Wuhan coronavirus on the economy looks set to make China's debt problems worse."

Research firm S&P Global said in a report in June 2019 that rural Chinese banks face a particularly large problem of bad debts, known as non-performing loans.

"China's rural commercial banks, whose asset quality is the poorest among the nation's lenders, could be sitting on even more bad loans amid a slowing economy and potentially tighter rules on debt classification," S&P said.
https://www.aljazeera.com/ajimpact/c...092325668.html

Tl;Dr - Economic impact from Corona virus might kill China's banking system, which means Chinese currency crisis may be on tap.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-18-2020, 07:21 AM   #12
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
...
A comparison of the latest forecasts from the world’s three big oil agencies — the International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries — highlights the huge uncertainty that exists over the virus’s repercussions for oil demand. As may be expected for a body representing oil producers, OPEC sees the impact as minimal, having just cut its first-quarter forecast for global oil demand by only 400,000 barrels a day. That looks like wishful thinking. The IEA’s revision is three times as big, and if its forecast bears out, it’s deep enough to tip the world into its first year-on-year drop in demand in more than a decade.
...
More: https://www.bloomberg.com/opinion/ar...d?srnd=opinion
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-19-2020, 07:28 AM   #13
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
A growing number of China’s private companies have cut wages, delayed paychecks or stopped paying staff completely, saying that the economic toll of the coronavirus has left them unable to cover their labor costs.
...
Across China, companies are telling workers that there’s no money for them -- or that they shouldn’t have to pay full salaries to quarantined employees who don’t come to work. It’s too soon to say how many people have lost wages as a result of the outbreak, but in a survey of more than 9,500 workers by Chinese recruitment website Zhaopin, more than one-third said they were aware it was a possibility.

The salary freezes are further evidence of the economic hit to China’s volatile private sector -- the fastest growing part of the world’s second-biggest economy -- and among small firms especially. It also suggests the stress will extend beyond the health risks to the financial pain that comes with job cuts and salary instability. Unsurprisingly, hiring has all but ground to a halt: Zhaopin estimates the number of job resumes submitted in the first week after the January outbreak was down 83% from a year earlier.“The coronavirus may hit Chinese consumption harder than SARS 17 years ago,” said Chang Shu, Chief Asia Economist for Bloomberg Intelligence. “And SARS walloped consumption.”

By law, companies have to comply with a full pay cycle in February before cutting wages to the minimum, said Edgar Choi, author of “Commercial Law in a Minute” and host of a legal-advice account on WeChat. For companies that aren’t making enough to cover payroll, it’s permissible to delay salaries, as long as staff get the money they’re owed eventually. Choi said he’s heard from thousands of foreign workers who say their payments have been cut in half this month or halted althogether. That, he said, is illegal. “A lot of these employees are foreigners, they don’t know Chinese,” he said. “Whatever their boss tells them, that’s it. It’s easy for them to get bullied. ”NIO Inc., an electric car-maker based in Shanghai, recently delayed paychecks by a week. The company’s chairman William Li also encouraged employees to accept restricted stock units in lieu of a cash bonus.

At Foxconn Technology Group’s Shenzhen factory, workers returning from the Lunar New Year break are quarantined in the dorms before they can return to work. They’re getting paid, but only about one-third of what they’d earn if they were working.Without full, regular paychecks and few places to spend them these days anyway, Chinese consumers could cut spending in some categories to zero, said Bloomberg’s Shu. And it may not bounce back: For example, she said, if you skip your daily latte for two months, you’re not likely to make up for those missed drinks later in the year.

With limited reserves and less by way of remote technologies, the smaller companies that underpin China’s vast private sector are particularly vulnerable. Among broader efforts to help firms stay afloat, policy makers have called on state-run banks to make loans at cheaper rates to small businesses in particular.

In the case of Pei Binfeng, co-founder of the Hangzhou coding and robotics academy, the outbreak forced them to suspend all in-person classes for students in kindergarten through grade 12. With the loss of revenue, the company will withhold 50% of salary for key executives and 30% for other employees until business resumes. “What we teach isn’t a must-have for a lot of parents, so expenses like this are usually the first to go when things get tough,” said Pei.
...
https://www.bloombergquint.com/globa...kers-right-now
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-24-2020, 03:45 AM   #14
Yellow Jacket
 
rblong2us's Avatar
 
Join Date: Nov 2011
Location: off world
Posts: 2,053
Liked: 906 times
news is moving fast and important stuff like the article below soon drop off the radar

https://www.silverdoctors.com/headli...ell-interview/


Quote :
(Natural News) What follows is one of the most important interviews of the year. Biological warfare expert Prof. Frances Boyle appeared as a guest with Alex Jones on the Alex Jones Show, sharing his “smoking gun” findings about the coronavirus being engineered as a weapon that’s designed, “for efficient spreading in the human population,” according to one of the science papers he references.

We confirmed Prof. Boyle’s findings by purchasing the full PDF of that paper and reviewing it in a detailed article we posted yesterday at this link.

That paper describes the CoVid-19 novel coronavirus as possessing unique “gain-of-function” properties that make it the perfect bioweapon, while confirming these new properties were from artificial origins, not natural viral evolution. (In other words, it was engineered.)

Below, we print the full transcript of the Frances Boyle / Alex Jones interview, along with the video of the full exchange below, via Brighteon.com. (The full show is also posted on Banned.video)
__________________
if it cant be done with a digger .... it cant be done
rblong2us is offline   Reply With Quote
Old 02-25-2020, 09:06 AM   #15
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
Retail sales of passenger cars in China crumbled 92 percent on an annual basis in the first 16 days of February, according to China Passenger Car Association (CPCA), as the coronavirus outbreak slammed the brakes on businesses across the country.
...
https://www.theepochtimes.com/chinas...k_3245081.html

Just one data point, but I have to think that there might be similar results with housing/real estate and other sectors of their economy.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-26-2020, 01:27 PM   #16
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
Hong Kong’s embattled government on Wednesday offered cash handouts, tax breaks and a raft of subsidies in a HK$120 billion package aimed at easing the financial burden on citizens and injecting new life into an economy ravaged by months of social unrest and now a spreading coronavirus crisis.

Unveiling the most difficult and politically charged spending blueprint of his career, Financial Secretary Paul Chan Mo-po announced an eye-catching, one-off payment of HK$10,000 to around 7 million adult permanent residents, as well as a much-needed lifeline to small and medium-sized enterprises.
...
https://www.scmp.com/news/hong-kong/...tax-breaks-and

That's roughly US$ 1,200 to every permanent resident. Real Helicopter money...

h/t: https://themacrotourist.com/moas-version-0-96b/
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 02-28-2020, 08:16 AM   #17
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
Tanker charter rates have plunged more than 80% as the coronavirus outbreak slams the brakes on major economies, costing the sector hundreds of millions of dollars in lost business, a senior shipping industry official said.
...
https://www.reuters.com/article/chin...-idUSL5N2AQ5BZ

That seems like a massive disruption to manufacturing supply chains. In these days of "just in time" manufacturing processes, I wonder just how much feed material manufacturers sit on (local inventory) before they don't have the resources to continue manufacturing.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 03-04-2020, 08:13 AM   #18
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
Rising Chinese pollution levels measured from space are showing a gradual but uneven industrial pickup after the economic slowdown caused by the nation’s fight to contain the deadly novel coronavirus.

Though the measure of nitrogen dioxide in China’s atmosphere has risen nearly 50% from Feb. 17, it’s still roughly 20% below the equivalent period last year, according an analysis from the Helsinki-based Centre for Research on Energy and Clean Air, which used satellite data from NASA.
...
More: https://www.msn.com/en-us/finance/ma...us/ar-BB10IiJM

tl;dr: Industrial production is picking up again in China, but it's not back to normal yet.

Quote :
China’s central bank said on Wednesday that the property sector will not be used as a means of short-term stimulus to jumpstart the economy, adding that financing policies for the sector will be consistent and stable.

A prudent monetary policy will be more flexible while liquidity will be kept reasonably ample, the People’s Bank of China (PBOC) said in a statement summarizing remarks from a meeting on Tuesday with the finance ministry and the banking and insurance regulator.

Funding support to medium-sized and small firms would be stepped up and financing costs would be lowered, the PBOC said.
https://www.reuters.com/article/us-c...-idUSKBN20R0WX

Liquidity will be reasonably ample. OK then.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 03-11-2020, 09:32 AM   #19
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
The coronavirus epidemic is accelerating a shakeout in China’s property sector as a cash crunch forces distressed developers to throw in the towel.

With lockdowns across the world’s most-populous nation entering their third month, smaller home builders are being pushed to the brink because they can’t get enough money from pre-sales of apartments to cover their costs. In the first two months of this year, around 105 real estate firms issued bankruptcy filing statements, after almost 500 collapses in 2019, data compiled by Bloomberg show.
...
According to S&P, new home sales in China will register their first drop in 12 years this year, with transactions down as much as 15%. That’s if the virus reaches a turning point this month. If the nadir isn’t until April, sales could be down around 20%, akin to the hit taken during the 2008 global financial crisis.
...
https://www.bloomberg.com/news/artic...strains-deepen
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Old 03-27-2020, 11:35 AM   #20
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,304
Liked: 2502 times
Quote :
...
Gao’s firm, Shandong Pangu Industrial Co., makes tools like hammers and axes, 60% of which go to the European market. As the virus ravages the continent from Spain to Italy, the shutdowns there are cutting off orders to Chinese factories just as they were beginning to get back on their feet. It’s a story playing out across the country.

“It’s a complete, dramatic turnaround,” lamented Gao, estimating sales in April to May will plunge as much as 40% from last year. “Last month, it was our customers who chased after us checking if we could still deliver goods as planned. Now it’s become us chasing after them asking if we should still deliver products as they ordered.”

This emerging pattern poses a grave risk to the chances the world’s second-largest economy can repair the damage from the closures in February to curb the virus. ...
https://www.bloomberg.com/news/artic...y?srnd=premium
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is online now   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
American Reality Check benjamen Fiat Ponzi 301 Yesterday 03:32 PM
Tin Foil Hats, Economic Reality and the Total Perspective Vortex PMBug PM Bug 567 04-01-2020 09:04 AM
European Reality Check benjamen Fiat Ponzi 239 03-31-2020 05:18 PM
Zimbabwe's reality check bushi Fiat Ponzi 2 01-14-2019 07:11 AM


All times are GMT -5. The time now is 04:06 PM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2020 Measuring Up. All Rights Reserved.