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Caixin Services PMI Also Below Expectations, But Remains In Expansion Territory

CHINA DATA

The Caixin services PMI printed at 50.4 for October, which was below the consensus (51.0), but a slight improvement on the September read (50.2). The index remains above the 50.0 expansion/contraction point. The composite still faltered to 50.0 from 50.9, owing to the Wednesday dip in the manufacturing PMI to 49.5.

  • The downside surprise for the Caixin services PMI caps off a week of weaker than expected data outcomes for China. This is keeping focus on additional stimulus from both the fiscal and monetary sides. Note next week we get October trade and inflation figures and potentially aggregate finance/new loans data.
  • In terms of the detail from the Caixin services print (from RTRS):
  • New orders rose at the weakest pace in 10 months, although there was some improvement in new export orders. Employment conditions were subdued, which was in line with the official PMI prints from earlier in the week. Output prices rose compared to the prior read, but input price inflation cooled back to Dec 2022 levels.
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