China Credit Impulse – Reflation Cycle This chart shows that China credit impulse has not yet boosted relative earnings. Credit impulse is the change in new credit issued as a percentage of GDP. Image: Fidelity Investments
China GDP and China Credit Impulse The chart shows the correlation between credit impulse and China GDP. Credit impulse is the change in new credit issued as a percentage of GDP. The chart also suggests that the latest stimulus has been more effective than previous ones. Image: TS Lombard
China Credit Impulse and Number of Central Banks Easing vs. Tightening Lead Global Manufacturing PMI This chart suggests that China credit impulse and the number of central banks easing vs. tightening lead global manufacturing PMI by 6 months. Credit impulse is the change in new credit issued as a percentage of GDP. Image: J.P. Morgan
China Credit Impulse Leads Global Manufacturing PMI This great chart suggests that China credit impulse leads global manufacturing PMI by 12 months. Credit impulse is the change in new credit issued as a percentage of GDP. Image: Nordea and Macrobond
China Credit Impulse Leads World Trade The chart suggests that China credit impulse leads world trade by 12 months. World trade is expected to turn positive in coming months. Credit impulse is the change in new credit issued as a percentage of GDP. Image: Oxford Economics, Macrobond
Chinese Credit Growth and OECD Leading Indicator for China Chinese Credit growth rebounded in September and suggests stronger activity on the horizon. The OECD leading indicator for China picked up further at the highest level since 2017. Image: Danske Bank Research
China Property Sales and Total Credit Growth According to Gavekal, Chinese monetary policy is still in a moderate “selective easing” mode. Image: Gavekal, Macrobond
Survey – Credit Investors: What Are Your Biggest Concerns? The latest edition of BofAML credit survey shows that U.S. credit investors are concerned about the 2020 U.S. election, the trade war, and China. Image: BofA Merrill Lynch Credit Investor Survey
China’s Global Acquisitions Global acquisitions by Chinese companies continue to fall, due to tight credit conditions and US-China trade tensions. Image: Financial Times
US-China Trade Deal – BofA Survey The September edition of the BofA survey shows that 76% of clients expect a trade deal eventually, but it will take time. Image: BofA Merrill Lynch Credit Investor Survey