China released GDP numbers on Monday and despite claims of a deceleration in the Chinese economy, the official statistical bureau reported that growth was 6.8%, very near the target of 6.9%.
“We Don’t Believe Them”
Danny Gabay of Fathom Consulting, and formerly of the Bank of England, told BBC Radio 4 that “Quite frankly we don’t believe them. It’s not just that they come in suspiciously close to the target, it’s that they’re produced remarkably quickly and rarely revised.” (Businessinsider.com)
Corporate Earnings Fears
Corporations have flashing warning signals about China since at least the second quarter.
Steel in a Nosedive
Does this look like what you would expect of steel prices in a fast growing economy?