Looking Through The Latest Chinese PMI Print

There has been nothing in the way of notable reaction across the major asset classes in the wake of the release of the latest Caixin Services PMI print, which saw a marginal beat vs. expectations, hitting 53.8, a slightly quicker clip of expansion vs. what was seen in the September survey (53.4).

• Key takeaways from the release included:
• "Supply and demand both recovered as disruptions from local Covid-19 outbreaks faded by the middle of October."
• "The services job market continued to recover amid improving supply and demand."
• ""Businesses remained relatively optimistic, though the measure for business expectations fell to the lowest point in four months. Some surveyed firms were worried about rising costs and the stability of supply chains."
• On net, there wasn't much, if any, in the way of overt surprise within the release.