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Co., is arranged for a photograph on a smartphone in Beijing, on Tuesday, Aug. 11. 2020. Tencent Holdings Ltd.-backed Missfresh will maintain high double-digit growth for the next three to five years, Chief Financial Officer Wang Jun said in an interview with Bloomberg TV. Photographer: Gilles Sabrie/Bloombergmay cpi, ppiTakeaway: The PPI print was driven by mining’s +36.4%, raw materials +18.8% and manufacturing +7.4% driven by higher commodity prices.
The mid-morning release didn’t seem to be a market-moving event as the higher PPI print was largely expected. We should expect further efforts by the PBOC to talk down higher commodity prices but the laws of supply and demand are hard to overcome. This too shall pass as commodity suppliers ramp up production to meet demand though that doesn’t occur overnight.
The Senate passed the $250B bill which includes ~$50B for US semiconductor companies to compete with China . The markets didn’t care as we’ve become somewhat numb to US-China political rhetoric. I stumbled upon an article titled “Playing the China Card” by a media outlet called Noema that I recommend. It highlights how politicians have used threats, real or imaginary, to push policies.