Hi. Everyone!

In GDP China ranks second in the world, only after the US. But it is said that China is facing a financial crunch. I found an interesting article on the Bloomberg. Let’s read together.

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Caterpillar Inc. manufactures huge yellow bulldozers. Nvidia Corp. makes minuscule computer chips. Their products have little in common, but their earnings on Monday pointed to the same direction: demand in China is slowing down for a widening range of goods.

The world’s second-largest economy, which contributes about a third of global growth, has been weakening for years after averaging more than 10 percent growth for three decades through 2010. The pace of expansion cooled to 6.6 percent last year, the slowest

since 1990, while retail sales grew 9 percent, the least since 2003.

Since Apple Inc. shook investors in early January with a warning picture is starting to emerge on where the tempering of the $12.2 trillion economy will hurt in the coming year. It includes Stanley Black & Decker Inc.’s tools, PPG Industries Inc.’s automotive Corp.’s processors and Trinseo SA’s synthetic rubber tires.

Nvidia and Caterpillar are the latest examples of this evidence. Here’s a rundown of what we’ve heard so far from U.S., European and Asian businesses:


 Caterpillar, an industry bellwether, sent a gloomy signal on Monday when it posted its biggest quarterly profit shortfall in a decade, and provided a 2019 forecast that trailed some of Wall Street’s estimates. Sales of excavators will be flat year-over-year in China, the Deerfield, Illinois-based company said.


Caterpillar’s 4Q earnings fell short, making it the first miss in almost two years, with the construction segment’s weakness in part due to an unexpected decline in China a worrisome development.

Shares of Japanese rivals Komatsu Ltd. and Hitachi Construction Machinery Co. each lost more than 5 percent in Tokyo on Tuesday. In China, Sany Heavy Industry Co. and other heavy equipment makers fell at the open.

Stanley Black & Decker CEO Jim Loree wasn’t shy about raising the alarm bells on China last week, saying it was facing slowing economic growth there, along with most of the rest of the world. The previous week, paint maker PPG talked about “sluggish industrial activity in China” among pressures that the company will hit the first half of 2019.


Santa Clara, California-based Intel Corp., whose processors are the main component in most of the world’s personal computers and servers, cited softness in China among the reasons for its lower-than-expected full-year forecast last week. Nvidia, the biggest maker of chips for computer graphics cards, echoed those comments on Monday, saying that “deteriorating macroeconomic conditions. particularly in China, impacted consumer demand” for its products.

Nidec Corp., a Japanese maker of precision motors used in computer drives, cut its profit outlook by 26 percent for the year ending March 31, blaming it on the U.S.-China trade war. It reported a 43 percent drop in operating profit for the quarter through December.

Samsung Electronics Co.’s quarterly profit and revenue missed estimates on sputtering demand for memory chips during the last three months of 2018, the same period Apple saw anemic sales in China. The South Korean company has been losing share for its smartphones for years in China, but the slowdown there is now threatening to hurt its important chips business.

In Japan, chip-equipment manufacturer Tokyo Electron Ltd. dropped as much as 4 percent, while Advantest Corp. slid 7.1 percent. Samsung Electronics Co. fell 1.6 percent in Seoul, while Taiwan Semiconductor Manufacturing Co. declined 3.1 percent.


Car sales in China fell last year for the first time in more than 20 years.

“China is under threat, for sure,” Volkswagen AG Chief Executive Officer Herbert Diess said in a Bloomberg TV interview in Davos, Switzerland, last week. “This year will be challenging.”

Ford Motor Co. posted a fourth-quarter loss of $534 million in China last quarter. Wholesales by the carmaker’s China joint ventures — a measure of how many vehicles are shipped to dealers — plunged 57 percent during the period. By the end of last year, only about a third of the company’s dealers were profitable, Jim Farley, Ford’s president of global markets, said on a Jan. 23 earnings call.

U.S. auto-parts supplier Lear Corp. offered more color on China. Lear, whose biggest customer is Ford, said it expected orders for parts like seating systems to fall more than 10 percent this year.

“They confirmed auto weakness in China,” Douglas Rothacker, an analyst for Bloomberg Intelligence, said in an interview. “Lear offers a good read across the industry for expectations in 2019.”

Continental AG, Europe’s second-largest car parts maker, warned earlier this month that Chinese auto production might stagnate at best this year, leading to a muted earnings forecast for 2019.

Hyundai Motor Co., the world’s fifth-largest maker together with affiliate Kia Motors Corp., said last week it’s losing workers and reviewing its production plans in China during the Lunar New Year holidays after reporting a surprise for the quarter through December, the first in at least eight years. “We internally see China is the most difficult market,” Joo Woo-jeong, chief financial officer at Kia, said last week.

QuickTake: As China’s Economy slows, Why the World Should Care


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[ps2id id=’b’ target=”/]キャタピラー社は巨大な黄色のブルドーザーを製造しています。Nvidea Corp. は小さなコンピューターチップを製造しています。両者の製品はほとんど共通点がありませんが、月曜日に両者の決済発表は同じ方向を示しました。中国では多岐にわたる製品で需要尾が減速している点です。


アップルが業績について警鐘をならし投資家を動揺させた1月上旬以降、中国での冷え込みがこれからの1年にどのような分野の企業業績に痛手を与えるのか構図が見え始めている。Stanley.Black & Decker の工具やPPGインダストリーズの自動車用コーティング、インテルのプロセッサーなどもこの構図に含まれる。


[ps2id id=’c’ target=”/]工業




ライバルである小松製作所と日立建機の株価は、火曜日に東京でそれぞれ5%下落しました。中国では、Sany Heavy Industry Co.をはじめとする重機メーカー各社が下落しました。

Stanley Black & Decker のCEO、Jim Loreeは先週、中国で警鐘を鳴らすことを恥とせず、世界の他のほとんどの国々と同様に経済成長の鈍化に直面している、と述べました。先週、塗料製造者のPPGは、同社が2019年上半期に打撃を与えるというプレッシャーのなかで、「中国における産業活動の低迷」について話しました。







ドイツのフォルクスワーゲン(VW)のHerbert Diess CEOは先週、スイスのダボスでブルームバーグテレビジョンとのインタビューに応じ、「確かに中国は脅威にさらされている。今年は厳しいだろう」と語りました。

フォード・モーターは去年10~12月期に中国で5億3400万ドルの損失を計上しました。ディーラー向けの出荷台数の指標となる中国合弁事業による卸売りは同四半期に57%落ち込んみました。去年末までに黒字化した同社ディーラーは約3分の1にすぎなかったと、フォードのグローバル市場担当プレジデント、Jim Farely氏は、23日の決算発表に関する電話会議で明らかにしました。

米国の自動車部品サプライヤーのLear Corp.は中国に意見を述べました。最大の顧客であるFord の Learは、シートシステムなどの部品の受注は今年10%減少すると予想しているとのことです。

ブルームバーグインテリジェンスのアナリスト、Douglas Rothacker氏は、「中国の自動車の弱点が分かった」と述べました。「Learは、2019年に期待通りの記事を発表する」

欧州第二位の自動車部品メーカーであるContinental AG は、今年初め、中東の自動車生産は、今年低迷する可能性があると警告し、2019年の収益予想は落ち着いたものになると述べました。

世界第5位のメーカー、Kia Motors Corp. と提携したHyundai Motor Co.,は先週、四半期の突然の損失を報告後、労働者を失い、中国での生産計画を見直していると語りました。少なくとも8年ぶりのことでした。Kiaの思考罪m責任者、Joo Woo-jeonは、「中国は最も困難な市場だと考えています」と述べた。





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