A quick look at the sub-indices of the........>

CHINA: A quick look at the sub-indices of the Chinese manufacturing PMI

- The rate of expansion seen in production eased back to 51.3 in Jan, from 53.2

in Dec (Dec reading was highest since August 2018).

- New orders pretty steady at 51.4 vs. 51.2 in Dec.

- New export orders fell back into contractionary territory, 48.7 vs. the 50.3

seen in Dec (Dec reading was first expansionary print since Apr '18).

- Imports eased further, 49.0 vs. the 49.9 seen in Dec.

- Input coast inflation picked up, 53.8 vs. 51.8 seen in Dec (53.8 = highest

reading for this sub-index since Oct '18).

- Producer prices (output prices) 49.0 vs. 49.2 in Dec.

- Employment registered a relatively steady rate of contraction 47.5 (Dec 47.3).

- Business expectations ticked higher, hitting 57.9 vs. 54.4 in Dec, highest

reading since June 2018.

- Hard to balance all of the extenuating circumstances to make clear conclusions

here, trade deal boost in Dec vs. LNY effects and early Coronavirus impact in

Jan (despite survey being run before Jan 20).