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Morning Bites (part 1)

🏦China’s aggregate financing jumped 103% YoY in October to CNY 1.85tn from the low base of 2022 (vs. +16% YoY in September) - slightly below the consensus estimates of CNY 1.90tn. Meanwhile, traditional bank loans also grew: they were up 20% YoY (vs. -7% YoY in September), coming 11% above the consensus. According to Reuters, Beijing is set to provide new fiscal stimulus to bolster the country’s economic recovery, as the headwinds persist (which is also indicated by China’s surprisingly low 49.5 PMIs in October). This, combined with the recently announced support measures aimed at infrastructure investment, might bolster local construction activity and, hence, China’s demand for industrial metals in 4Q23-2024

We remind readers that China represents 52% of global steel consumption, as well as 55% and 58% of world copper and aluminium demand, respectively

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