Iron ore limit down as another China PMI tanks

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.

Houses and Holes
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  1. chuckmuscleMEMBER

    “If there are two words in the English language that I enjoy writing they are “limit” and “down”. ”
    Bear markets are way more fun than bull markets.

  2. Hugh PavletichMEMBER

    Evergrande’s Total Liabilities Swell to Over $300 Billion … Bloomberg

    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 …

  3. 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.