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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CHINA DATA
China official October PMIs are on tap today. The market expects further weakness across both the manufacturing and non-manufacturing sectors. The manufacturing PMI is forecast to slip back into contractionary territory, 49.8 versus 50.1 last month, while non-manufacturing is expected to fall back to 50.1, from 50.6.
- The range of economist estimates for the manufacturing PMI is 49 to 50.5, while for the non-manufacturing PMI it's slightly wider, 49.0 to 50.8.
- The already released Standard Chartered SME China Confidence index slipped further in October, but remains above the May trough point from earlier in the year. The chart below overlays this index against the official non-manufacturing PMI.
- The general tone has been for some better momentum in the industrial sector, given recent IP upside beats, relative to the services sector, which remains weighed down by Covid-related headwinds.
- Note the Caixin manufacturing PMI prints tomorrow (48.5 forecast versus 48.1 last month).
Fig 1: China Non-Manufacturing PMI Versus Standard Chartered SME Confidence Index
Source: Standard Chartered, MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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