October 30, 2024 04:14 GMT
CHINA: PMI Previews.
CHINA
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- Each major data release in China at present is watched carefully as economists pour over the numbers looking for impact from the various stimulus measures announced.
- Tomorrow sees the release of manufacturing and non-manufacturing PMI’s for October.
- It is possibly too much to expect to see the stimulus impact yet as October had a week long National Holiday from October 1-7.
- Whilst there have been some signs of an improvement in data with new home sales up and steel output rising, it remains too soon to expect to see material improvement in the PMI’s.
- Market consensus is for manufacturing PMI’s to remain in modest contraction at 49.9 and for non-manufacturing in modest expansion at 50.3.
- Following on from tomorrow’s PMI's will the Caixin Manufacturing PMI released on Friday where market consensus is for a similar outcome.
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