Iran

Submitted by Justin King via TheAntiMedia.org,

China is “at the center of a clash between Saudi Arabia and Iran,” WSJ wrote on Tuesday, as Xi Jinping marks his first visit to Riyadh as President.

To be sure, Xi’s trip to the Mid-East comes at a critical juncture. The Sunni and Shiite communities exist in a perpetual state of strife, but Riyadh’s execution of prominent Shiite cleric Nimr al-Nimr threw gasoline on a fire that’s already being fueled by fighting in Syria, Iraq, and Yemen.

Earlier this month, a black swan landed in the Mid-East when Saudi Arabia executed prominent Shiite cleric Nimr al-Nimr along with 46 other “terrorists.”

Most of those executed were not Shiites but that didn’t matter. Al-Nimr was a key voice among Saudi Arabia’s dissident Shiite minority and his death reverberated across the Shiite community, sparking mass protests from Bahrain to Pakistan.

So crappy China growth and increased Iran supply prompted a stop-run surge in crude oil overnight as "bad news is good news" stimulus hopes lifted all boats. But that is over now as Iran cuts oil prices to Europe, reigniting the price wars...

Who could have seen that coming?

Only the most intellectually dishonest can claim that last night's Chinese economic data deluge was anything but miserable. As we showed last night, everything missed:

• Industrial Production +5.9% (MISS vs +6.0% YoY expectations)
• Retail Sales +11.1% (MISS vs +11.3% YoY expectations)
• Fixed Asset Investment +10.0% (MISS vs +10.2% YoY expectations),
• Q4 GDP growth +6.8% (MISS vs +6.9% YoY expectations).

Even as the real full year GDP of 6.9% was in line, it was still the lowest since 1990...