Editor's Note: Below is a complimentary excerpt from investing research sent to subscribers this morning from Macro analyst Christian Drake.
The gravity of #TheCycle continues to manifest in Asian high frequency macro data.
In the wake of this weekend’s trade data which saw China report a -1010 bps deceleration in Export growth – down to 5.4% YoY in NOV and marking the lowest pace of growth since AUG ’17 - China Retail Sales growth decelerated -50 bps to +8.1% Y/Y, marking the slowest pace of growth in 14.5 years.
It was the same story across the manufacturing economy. Industrial Production growth slowed -50bps to +5.4% Y/Y – good for a 10Y rate-of-change low. The 3-month auto tariff détente is the Tourist destination of the day, the cycle remains both the tree and the forest.
