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Commodity Prices Could Bias PMI Upwards

CHINA

Official PMI data is the highlight from China today, consensus calls for manufacturing to print 51.1 in May, in-line with the April print; non-manufacturing PMI is expected to rise to 55.1 from 54.9 previously.

  • Commenting on the release Goldman says: "Commodity prices continued to rise, which could add upward bias to the headline NBS manufacturing PMI. Export growth may have remained strong on the back of strong global demand. Having said that, power shortage and the forced shutdown of production in selected provinces such as Guangdong may have hurt manufacturing activities. Other survey indicators such as the business condition index from the Cheung Kong Graduate School of Business and high frequency indicators such as steel demand also pointed to softer growth momentum in the manufacturing sector in May."
Energy BulletsCommodities
Energy BulletsCommodities

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