If there are two words in the English language that I enjoy writing they are “limit” and “down”. That’s iron ore today:
And the Caixin PMI:
China hard landing here we come.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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Evergrande losers take company executives hostage
Via Straits Times: Footage of Evergrande's
Global energy crisis calms a little
Thermal coal and LNG futures both came off
UBS: Sell Fortescue, RIO
And here they come. UBS on FMG: Downgrade to
Evergrande breaks Chinese property
Evergrande. Remember the name. Australian
“If there are two words in the English language that I enjoy writing they are “limit” and “down”. ”
roflmao
Bear markets are way more fun than bull markets.
China won’t have a hard landing lol
Evergrande’s Total Liabilities Swell to Over $300 Billion … Bloomberg
https://www.bloomberg.com/news/articles/2021-09-01/evergrande-s-falling-debt-masks-dues-swelling-over-300-billion
On the face of it, China Evergrande Group made progress cutting its debt load in the first half of the year. On closer examination, paying its dues got even harder.
Evergrande’s total liabilities including bills owed to suppliers rose to 1.97 trillion yuan ($305 billion) as of June 30, near a record high, results showed Tuesday. While its borrowings shrank to 572 billion yuan, the group’s cash and cash equivalents plunged to a six-year low.
The upshot: Evergrande will need to accelerate asset sales and continue to aggressively discount apartment prices to generate enough cash to meet its obligations. The world’s most indebted developer is all too aware of what’s at stake, saying it risks defaulting on borrowings if its all-out effort falls short. … read more via hyperlink above …
Evergrande is going to get total CCP bailout. Everyone knows that & the West & Wall Street expect that. It is nothing. Forget Evergrande. The Wall Street guys & the money printers all know that CCP is backing Evergrande. Just like TBTF anything in the world. Nothing can fail except the little punters. F#c% the punters they don’t count. TBTF MUST BE SAVED. And always & forever will be saved. That is what QE/printing etc is all about & has been for 13 years, nothing will change. CCP is just the same as Fed & all the West.