Happy Chinese New Year
(1) Pigs, rats, and politicians. (2) Pandemics and plagues. (3) China rapidly becoming the world’s largest nursing home as a result of ongoing urbanization and previous one-child policy. (4) Real retail sales growth cut by over two-thirds in past 10 years. (5) Less bang per yuan of monetary easing. (6) Soaring food prices depressing retail sales too. (7) China’s PPI is a good indicator of global growth, and is deflating slightly. (8) Vehicle sales weak in China. (9) Trump’s trade deal with China looks good on paper. (10) Tariffs won’t be eliminated until Phase 2 deal is done. (11) IMF sees modest pickup in global economic growth ahead. (12) Commodity prices are showing signs of life, as are European auto sales.