Summary of today’s top items:
Heat, drought and power - The heat may finally be subsiding, but the drought in several areas is still far from abated.
State Council promises more supportive policies - The State Council promised 19 additional policies to “promote economic stabilization and upturn, keep major economic indicators within the proper range and work for the best results possible”. Among those policies are more infrastructure projects, 300B RMB more of “policy-backed and development-oriented financial instruments to specific projects” and measures “to support the development and investment of private businesses and advance the sound and sustained development of the platform economy”.
Lots of real estate losses - Investors appear to have incinerated tens of billions of dollars buying the dollar debt of PRC real estate firms. The recent government measures to try to stabilize the market and ensure completions are not going to be enough to turn around the market, and it does not ap…