Week November 10

CHINA ADVISORY - Report 11 Nov 2020 by Andrew Collier

We may be seeing beginning signs of the industrial/FAI-driven stimulus weakening, but the data is mixed. Cement prices are declining but float glass prices jumped. Rebar inventory growth is slowing. One theory is that the early stages of property development, which use cement, have tapered off while the later stage, involving window installation, remains strong, but this is speculative. Retail is weak, with auto sales tapering off, and film box office slowing. The Alibaba sales day will be an interesting data point on retail sales.

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