· China – credit expansion moderates and falls short of expectations (this data hit after the China close). New yuan loans for Apr came in at 555B (vs. the St 800B). M2 money supply growth fell short at +12.8% (vs. the St +13.5%). Bloomberg. goo.gl/qeBcb3
· China – China’s fiscal expenditures rose 4.5% Y/Y in Apr, a sharp slowdown from the +20.1% increase in Mar. Fiscal revenues rose 14.4% in Apr, an acceleration from Mar’s +7.1% pace. Reuters. goo.gl/2tgWLh
· China non-performing loans hit 11-year high. Troubled lending at China's commercial banks reached 4.6 trillion yuan ($706 billion) at end-March, a jump of 428 billion yuan from December – Reuters goo.gl/WeFiUj
· China liquidity — China May Restrict Follow-On Stock Offerings — Local media reported this morning that the CSRC may ban listed companies from raising funds that exceed its net asset value. Barron’s goo.gl/n14bHZ

Glencore вчера но конференции заявил что спрос на цинк и нектр.другие металлы превысит/превышает предложение. Glencore usually has a right call www.bloomberg.com/news/articles/2016-05-10/glencore-says-stage-set-for-further-metals-rally-as-supply-ebbs

China
· China will hit its economic targets this year — China's vice premier Zhang Gaoli said the country would hit its economic targets for this year despite facing downward pressure – Reuters goo.gl/vzNUdM
· China will pour almost Rmb5tn into transportation infrastructure over the next three years, the Ministry of Transport said on Wednesday – FT goo.gl/IToZ7G
· China moves to contain technology bubble – the gov’t is preventing companies from selling new shares to fund investments in non-core businesses such as internet finance, online gaming, and virtual reality, in a bid to ward off a bubble in certain tech categories – CNBC
goo.gl/D1dqbd

BOJ’s exchange-traded fund purchases have made it a top 10 shareholder in
about 90 percent of the Nikkei 225 Stock Average. It’s now a major owner of more Japanese
blue-chips than both BlackRock and Vanguard – Bloomberg goo.gl/lve1gd

· Chinese economic recovery continues in Apr. According to preliminary economic data,
China’s recovery gathered pace in Apr. Gauges from four providers all increased in April
from March, while sub-indexes for employment showed stronger demand for workers.
Bloomberg goo.gl/JoRHLy
· China tells banks to dial back lending — PBOC Asks Banks to Limit April New Loans to 70%
Target according to a report in Caixin. Chinese central bank conducted window guidance to
demand banks to restrain April new loans to 70% of the month’s target – Bloomberg/Barron’s goo.gl/YTM3yY

· Chinese stocks sink amid rising corporate default worries and on speculation investors are
shifting money from equities into commodities – WSJ goo.gl/sjAFO6
· China’s debt – Chinese debt reached a record 237% of GDP as of the end of Q1 according
to data, far outpacing its EM peers (debt was only 148% of GDP as of the end of ’07); the
absolute debt level now stands at $25T. Total new borrowing increased by CNY6.2T in Q1,
the largest three-month surge on record and up ~50% over Q1:15. “Every major country
with a rapid increase in debt has experienced either a financial crisis or a prolonged
slowdown in GDP growth” – FT goo.gl/UHkHbj
· China property market — China’s banking regulator in Shanghai is halting business between
commercial banks and six real estate agencies for a month in a bid to cool the property
market; the regulator will also suspend the personal mortgage business for two months of
seven local branches of banks – Bloomberg goo.gl/Hb2LLT