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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.
CHINA DATA
Recent data prints point to a further recovery in the China economic backdrop. Last week the emerging industries PMI rose further in terms of the October print. The headline index stands at 57.8 now, up from 54 in September and well above the 47.1 trough in July. We are still below the earlier 2023 highs (62.5 in February).
- The chart below overlays this index against the official manufacturing PMI. The official index tends to exhibit much less volatility than the emerging industries PMI, although the directional correlation remains reasonable.
- The other point to note is that South Korean exports to China fell -6.1 y/y in the first 20-days of October. Whilst still negative, we are well above earlier 2023 lows from a y/y momentum standpoint (-36.2 y/y in March).
Fig 1: China Emerging Industries PMI Continued To Recover In October
Source: 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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