1. Chinese official media confirmed on Tuesday that the country's largest lender, Industrial and Commercial Bank of China (ICBC), had suspended mortgage discounts for first-time home buyers.
2. A report by the Bank of Communications predicted that the Chinese CPI will decline to 3.3 percent year-on-year in April, compared with 3.6 percent in the previous month.
|Take anyone you want - honestly take your time I have all day.|
3. Chinese real estate developer inventories continue to rise. By March 31, inventories stood at 1.37 trillion yuan, up 34.3 percent year-on-year. A Standard and Poor's report at the end of April said that the refinancing clock is ticking for the nation's 80,000-plus property developers amid weak sales, even including the industry's biggest players.
4. In April, non-manufacturing purchasing manager index was 56.1 percent, 1.9 percentage points lower than that in the previous month, still staying above the threshold, which indicated that the non-manufacturing economy has maintained a momentum of growth, but the growth has slowed down.A couple of days back the Manufacturing PMI was 53.3 percent, up by 0.2 percentage point month-on-month.
4. Australia's economy recorded its third-straight trade deficit in March.
So what can we conclude? My view is that the bottoming is still occurring, but maybe the China specialist sees some reason to be investing. I don't have the confidence that they have, but I'll stick to the one thing I've been saying since the start of the year, i.e. - the main market that's being effected by this process is Australia and the trade deficit is showing it, the RBA with the 50bp rate cut knows it and the government is showing it with their panic to move the budget back to surplus as they know this was a core promise of their election platform.
I'm taking a day off from exercise today. I'll be going go carting with some other Genevois tonight over in France. I haven't done this much over the years, but hopefully its a lot of fun as I need to keep my spirits up in the face of Swiss bureaucracy.
Obviously as a warm up to the racing tonight I'll be reviewing the latest news from the Giro. Today is a rest day before the opening Italian stage in Verona.
|Roberto Ferrari ... watch out for me because I never check my blind spot!|