Trump now threatens China with 104% tariffs!
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Vanke, once viewed as Chinaās āsafeā developer after Evergrande, just stunned markets. Itās asking for a 1-year delay on a Ā„2B bond with zero upfront payment and even the interest pushed back a year. Creditors expected support. Instead, they got nothing. š The fallout: ā”ļø Bond crashed from near par to Ā„27 ā”ļøUSD notes collapsed to 20 cents ā”ļøAnalysts warn this āshatters investor confidenceā Vanke is now pledging core assets, being rejected for emergency loans, and facing warnings that its commitments are āunsustainable.ā This isnāt one companyās problem ā itās the latest sign that Chinaās 5-year property downturn has no bottom. Home prices continue to fall, sales data is going missing, and global banks see years of decline ahead. And with Chinaās middle class holding most of its wealth in property, a deeper slump could be devastating. The crisis is no longer at the fringes. If Vanke is wobbling, the entire foundation is shaking. Source: zerohedge
Services weakened as the boost from earlier holidays faded, according to official data released Sunday. The manufacturing purchasing managersā index rose to 49.2, up 0.2 points from October, the National Bureau of Statistics said. The figures were in line with economistsā expectations in a Reuters poll, but remained below the 50-point mark that separates expansion from contraction. The non-manufacturing business activity index fell to 49.5, down 0.6 points from October, while the composite PMI output index eased to 49.7, indicating a slight pullback in both manufacturing and services activities. Supply and demand in manufacturing improved modestly, said Huo Lihui, chief statistician at the bureauās Service Industry Survey Center, with the production index reaching the 50 threshold and new orders rising to 49.2. Source: CNBC
The American bet is simple: own the most compute, win the AI race. But China isnāt playing that game. Instead of chasing data center volume, China open-sourced frontier models (DeepSeek, Qwen, Baichuan) that run on cheap hardware. DeepSeek trained a frontier model for $5ā6M (vs. tens of millions in the US). Inference costs are ~280x cheaper than ChatGPT. Modular data centers deploy in weeks, built around ultra-low-cost power. China isnāt scaling infrastructure. Theyāre scaling efficiency ā and commoditizing intelligence. Meanwhile, the US is hitting a wall: the power grid. Data centers already use 6% of US electricity, headed to 11% by 2030. Spare grid capacity has fallen from 26% ā 19%, on track for <15%. Some regions face 7-year waitlists just to connect new facilities. Ohio alone rejected 17 GW of new data center interconnection requests. You can build data centers. But can you power them? China can. By 2025, their installed capacity hits 3.99 TW (up 19% YoY). Renewables are nearly half of all generation. In the first five months of 2025 alone: 197 GW solar added 46 GW wind added By 2030, China is expected to have 400 GW of spare power capacity ā over 3Ć global data center demand. The US built the most data centers. China built the power to scale whatever it wants. The real race isnāt about who has more compute today ā itās who can power their compute tomorrow. And on that dimension, China is pulling ahead. Source: StockMarket.news, Apollo