The Day at a Glance | August 14 2023

*China is facing new economic risks due to a deteriorating real-estate sector. 

*Argentinian markets collapsed following Javier Milei’s victory in the primary elections. 

*At an event in Las Vegas, Janet Yellen warned about the risks of the overconcentration of clean energy supply chains in a handful of countries. 

*The results of the National Institute of Statistics and Geography’s (INEGI) monthly survey of the manufacturing industry (EMIM) indicate that employment in the sector grew by 0.3% m/m during June. 

*Mortality figures in Hawaii continue to rise following the wildfire that destroyed Maui Island. 

Economic environment

China´s economic recovery is being weighed down by a deteriorating real-estate sector. The most recent data on economic activity in China shows few signs of a rebound in growth. This Monday, official industrial production (4.3% e.), retail sales (4.0% e.), and fixed investment (3.7% est.) figures are expected to be released. However, the most concerning figure is real-estate investment, which likely receded even further in July (-8.1% vs -7.9% prev.). Meanwhile, the real estate giant, Country, stated that it will seek to delay payment on nearly a dozen bonds starting this Monday after reporting a massive loss in the first half of 2023.