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Much of the world seems to be going this way.

Enough fiscal will turn this around.

China’s Hu Calls for Efforts to Increase Demand, Xinhua Says

By Wang Ying

Nov. 1 (Bloomberg) — Chinese President Hu Jintao said the government needs to continue efforts to boost domestic demand to bolster financial stability and counter the impact of the global credit crisis, the state-run Xinhua News Agency reported.

The authorities will continue to consolidate the “foundational position” of agriculture and to deepen economic reforms and openness, Hu was quoted as saying. Hu spoke during a visit to the northwestern province of Shaanxi between Oct. 28 and Oct. 29, according to the report late yesterday.

China’s economy, the world’s fourth largest, expanded in the third quarter by 9 percent from a year earlier, the slowest pace since 2003. The government lowered interest rates three times in the past two months, increased export rebates and cut property transaction taxes.

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• Construction Spending MoM (Released 10:00 EST)
• Construction Spending YoY (Released 10:00 EST)
• Construction Spending TABLE 1 (Released 10:00 EST)
• Construction Spending TABLE 2 (Released 10:00 EST)
• ISM Manufacturing (Released 10:00 EST)
• ISM Prices Paid (Released 10:00 EST)

Construction Spending MoM (Sep)

 
Better than expected and last month revised up.
Seems real estate is the only sector doing better than expected.

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Construction Spending YoY (Sep)

 
Still looking down, but seems to be leveling off.

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Construction Spending TABLE 1 (Sep)

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Construction Spending TABLE 2 (Sep)

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ISM Manufacturing (Oct)

 
Fell off a cliff.

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ISM Prices Paid (Oct)

 
Also a very large drop.

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Stability???

• IG On-the-run Spreads (Released 5:02 EST)
• IG6 Spreads (Released 5:02 EST)
• IG7 Spreads (Released 5:02 EST)
• IG8 Spreads (Released 5:02 EST)
• IG9 Spreads (Released 5:02 EST)

IG On-the-run Spreads (Nov 03)

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IG6 Spreads (Nov 03)

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IG7 Spreads (Nov 03)

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IG8 Spreads (Nov 03)

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IG9 Spreads (Nov 03)

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