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Post #1209 205
Morning Bites (part 2)

🏦China’s aggregate financing rose 16% YoY in September to CNY 4.12tn (vs. +26% YoY in August) -- ahead of the CNY 3.80tn consensus estimate. Meanwhile, traditional bank loans declined 7% YoY (vs. +9% YoY in August), being 8% below the consensus. According to Trading Economics, the overall dynamics shifted to positive following the central bank's (PBoC) efforts to bolster economic growth (which is also indicated by China’s PMIs >50.0 in September). In our view, new economic stimulus, in the form of higher government spending, aimed at infrastructure investment, might add support to local construction activity, and hence, China’s demand for industrial metals in late 2023-2024

To recap, China represents 52% of global steel consumption, as well as 55% and 58% of world copper and aluminium demand, respectively

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