Faber News Flow

Fubini (Corsera) contraddizioni dello sviluppo economico italiano sono state scaricate sul soggetto pubblico permettendo così al settore privato (ovviamente non tutti i privati) di accumulare ricchezza. Questo uno dei driver che spingono alcuni (tra cui Bundesbank) a sostenere la necessità di una patrimoniale in Italia

Chinese bank lending increased 251.59 bn USD in march (1.69 trn yuan). Total bank lending grew 5.81 trn yuan in the first three months of 2019.

From Bloomberg, April 18, 2019, 9:31 PM EDT CMIG cross defaults triggered on $800 million of dollar bonds A debt crisis at one of China's most well-known private conglomerates entered a new stage Thursday, with the company saying cross-default clauses had been triggered on dollar bonds worth $800 million. China Minsheng Investment Group Corp. has appointed Kirkland & Ellis as legal adviser, according to a Hong Kong stock exchange  filing , which also noted that banks have set up a creditor's committee to try to stabilize the company. The cross default comes after CMIG's problems spread to its affiliate  Yida China Holdings Ltd ., making some of the developer's debt immediately payable, and causing a chain reaction back to the parent company's own securities. CMIG spooked investors with a late bond repayment earlier this year, joining other sprawling Chinese conglomerates such as HNA Group Co. in  struggling  to repay debt after a spending spree. Since its establ...

https://www.bloomberg.com/amp/news/articles/2019-04-19/crisis-at-china-s-jpmorgan-wannabe-deepens-with-bond-defaults

The Chinese measures are starting to pay off Risk appetite's sensitivity to global activity indicators, and especially those in China, was highlighted again on Friday. The equity market advance and rise for sovereign yields was driven by the step-up in loan granting in China and the rebound for exports, two favourable signals for growth. This confirms the world economic growth cycle will benefit from both a trade agreement (further positive statements this weekend) but also the Chinese government's measures implemented in recent months. The impact will be notable in China as of Q2 and in the rest of the world in the second half of the year. In the meanwhile, the resilience of activity will remain dependent on consumption and hence household purchasing power (impacted by price of petrol again, but a situation we view as temporary). The level of household confidence is very high in the US, while Donald Trump, in electoral campaign mode, is looking to strengthen ...

https://www.cnbc.com/2019/04/11/reuters-america-germany-halves-2019-economic-growth-forecast-to-0-point-5-pct--spiegel.html Fabrizio

UPDATE 1-Germany to halve 2019 economic growth forecast to 0.5 pct - Spiegel - Reuters https://www.reuters.com/article/germany-economy/update-1-germany-to-halve-2019-economic-growth-forecast-to-0-5-pct-spiegel-idUSL8N21T6CX UPDATE 1-Germany to halve 2019 economic growth forecast to 0.5 pct - Spiegel - Reuters (Adds details) BERLIN, April 11 (Reuters) - The German government is expected to halve its economic growth forecast for 2019 to 0.5 percent from 1.0 percent due to weaker exports in the wake of global trade tensions, the news magazine Der Spiegel reported late on Thursday. It said the new forecast for Europe's largest economy, which is to be released next Wednesday, could still change marginally. The government expects gross domestic product to grow by 1.5 percent in 2020, partly because of positive calendar effects from four public holidays falling on weekends, Spiegel reported. Germany's leading economic institutes last week also revised down their 2019 g...