A State Council meeting chaired by Premier Li Keqiang Thursday called on local governments to ensure construction and supply chains won’t be interrupted and that more job opportunities be provided to migrant workers, state broadcaster CCTV reported Friday. It vowed to prioritize stabilizing employment and inflation while stepping up efforts to strengthen the economy.

Good luck with that.

As a side note, it has been apparent for a year or two that it is now the Dalian night session that is setting the major price moves. I assume that this is a symptom of the speculation that has overrun the wider commodities complex in that timeframe.

The night session coincides with North American trading times.

Otherwise, not much has changed. Steel is still fooked as China pushes on a string:

I remain bearish for H2.

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Houses and Holes

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.

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