China has not yet dodged a 2019 hard landing

Via Zero Hedge reporting on Credit Suisse:

With the latest China economic data once again underwhelming overnight, it is safe to say that in a world where consensus overwhelmingly expect a global recession to arrive some time in 2020, China – which continues its aggressive shadow deleveraging campaign – remains the biggest potential catalyst for a major economic swoon in the coming year.

Which is why we did not find it surprising that in the latest note from Credit Suisse strategist Andrew Garthwaite, he writes that “to us, China remains the biggest macro risk currently. We would expect aggregate demand to continue to slow (owing to a slowdown in housing, manufacturing investment and exports and there needs to be a destocking) but we also would expect to see an accelerating policy response which should be enough to stabilize PMIs at lower levels.”