ICYMI - Nomura slashed their China GDP forecast for 2023 to 4.6% (from 5.1%)

Nomura revised its economic growth forecast for China this year to 4.6% from its previous projection at 5.1%

• Citing weak data for July (out last week) and warning of a an ongoing “downward spiral” in the economy.
• their growth forecast for 2024 remained unchanged at 3.9%
• “In coming months, growth will face further pressure as the post-pandemic pent-up demand for travel runs its course”

Earlier:

• Morgan Stanley cuts China 2023 GDP growth forecast to 4.7% (from 5.0%)
• Barclays slashed their China GDP forecast to 4.5% (prior 4.9%)
• JP Morgan slashed their China GDP forecast following the ugly data this week

Later today we'll be getting a rate cut from the People's Bank of China:

• Economic calendar in Asia - People's Bank of China rate decision due

After bank execs spent the weekend haranguing the locals:

• Weekend - the PBOC met with bank executives and told lenders, again, to boost loans

Another week of this coming up!