Chinese fixed asset investment slumped further to -1.7% year-over-year, year-to-date, marking the lowest level since June 2020. Once again, the data is falling well short of already downbeat forecasts. By category, we saw infrastructure investment fall into contraction territory at -0.1% YoY ytd, contracting for the first time since 2020. Manufacturing investment, which had been a solid outperformer for several years, slumped to just 2.7% YoY ytd. Private sector investment fell to -4.5% YoY ytd, while even government investment slowed to 0.1% YoY ytd and looks likely to tip into contraction territory next month. The ... (full story)