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China Official PMIs Print​​ Weaker Than Expected, Manufacturing Contracts

CHINA DATA

The manufacturing PMI fell to 49.5 versus 50.2 expected (so now back in contraction territory). The non-manufacturing PMI also dipped to 50.6 (versus 52.0 forecast and 51.7 prior). This comes after a generally firmer period of China data outcomes, at least relative to expectations. More details to follow.

  • The USD has been supported post the data, the BBDXY up 0.10% to 1272. AUD/USD is back near 0.6365, only modestly weaker post the release. USD/CNH climbed above 7.3300 before finding selling resistance.
  • HK equities are down 1% near session lows, although follow through selling has been limited. US equity futures have also ticked lower, Eminis last down -0.22%.
  • No reaction evident in UST yields at this stage.
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