China’s black real estate vacuum continues to undermine the economy, and there is nothing positive to report in July about the affected sector.
In fact, the main negative point is the awareness, not the actual weakness, but the fact that government measures aimed at preventing the fall, as well as two interest rate cuts and measures to lower bank reserve ratios to allow more lending, failed. have some impact.
Figures from the Office for National Statistics show that prices for space, investment and sales fell for another month in July.
New housing costs in 70 cities fell by 4. 9% in July 2024, a larger drop than the 4. 5% drop recorded in June. This is the 13th consecutive month of decline and the fastest speed since June 2015, despite continued government efforts to mitigate the effect of prolonged real estate weakness and a fragile economic recovery.
Property investment in China fell 10. 2% in the first seven months from a year earlier, after falling 10. 1% in January-June, even as the government introduced a series of relief measures to boost market confidence. Real estate sales through land in January-July fell 18. 6% from a year earlier, compared to a 19. 0% drop in January-June. And housing starts measured through land dominance fell by 23. 2% year-on-year, after a 23. 7% drop in the first half of the year.
In addition, the budget raised through Chinese asset developers decreased by 21. 3% year-on-year, after a drop of 22. 6% in January-June.
And the same old insights into retail, commercial production and urban investment also proved weak over the past month.
Retail sales in China rose more than expected in July (due to rising food prices), while commercial production missed expectations.
Retail sales rose 2. 7% in July from a year earlier, beating expansion forecasts of 2. 6% and above the 2% reported in June.
Industrial production rose 5. 1%, below the survey’s forecast of 5. 2% and June’s 5. 3% increase.
Fixed capital investment during the first seven months of the year increased by 3. 6%, compared to 3. 9% in June. Infrastructure and production components also slowed their annual expansion in July with June.
The urban unemployment rate rose to five. 2 in July from five in June and a forecast of five. 1
“Suffering is being caused as old engines of expansion are replaced by new ones,” the statistics said in an English edition of the statement. He noted a “negative impact” of the external environment and inadequate domestic demand.
The continued weakness in the data is part of the explanation for why Chinese 10-year bond yields have fallen to near-record highs (around 2. 19%), as banks and other investors seek safe-haven investments, fearing an economic turnaround. point.
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Deep Leads Resource Increases Across the Board: Quality, Tonnage and Target Zone ABx Group has reported a 30% increase in its mineral resource estimate (MRE) at the rare ion adsorption clay earth deposit ( IAC) from Deep Leads in northern Tasmania. The accumulation at MRE comes from 36 assayed exit wells, representing a significant northward extension to the existing Deep Leads prospect.
Lake Resources (LKE. ASX) – LKE has signed two non-binding memorandums of understanding in the 10-day area. Ford Company (Ford) signed a memorandum of understanding for around 25,000 t/year and last week, Hanwa, a Japanese raw materials trader, signed a memorandum of understanding for up to 25,000 t/year. Subject to execution, this is a feat as Ford and Hanwa are set to engage in longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but should, if Ford and Hanwa inject new capital into LKE, further de-risk the project financing and thus ensure that LKE and Kachi are fully funded.
Two recent gravity studies have particularly exceeded expectations and revealed prospects for extension of the existing MRE at Throssell Lake, as well as a significant expansion opportunity at Yeo Lake. This reinforces the prospect of a multi-decade SOP Tier 1 production center around Lake Throssell.
TMG is lately completing paintings in preparation for the PFS expected in early 2023, adding the get started of drilling in the 3rd quarter of 2022, evaporation testing and allowing activities. The effects of those systems will the PFS and any long run resource upgrades.
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WT Financial Group Limited (WTL) is a fast-growing diversified monetary company, founded in 2010 and indexed to the Australia Securities Exchange (ASX) in 2015. Their recommendations and product offerings are primarily provided through an organization of independent money advisors acting as legal advisors. Representatives. WTL in connection with its broker organization activities Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). He has approximately 275 advisers at over two hundred money advisory firms across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
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