MNI: PBOC Net Injects CNY326 Billion via OMOs Friday

CHINA PBOC INJECTS CNY62 BILLION VIA 7-DAY REVERSE REPOS FRI: WIND

CHINA SETS YUAN CENTRAL PARITY AT 6.7702 FRI VS 6.7674

Retail sales disappoint - GBPUSD marginally lower

MNI: GERMANY DEC PPI -0.4% M/M (FCST -1.2%); NOV -3.9% M/M

MNI: UK DEC RETAIL SALES -1% M/M, -5.8% Y/Y

Rpt- MNI INTERVIEW: BOC Losses May Dent Inflation Fight- Tombe

MNI BRIEF: EU Sees Statement After UK-EU Talks This Afternoon

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North East Asian PMIs Displayed Some Resilience In November

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North East Asia (NEA) PMIs arguably painted somewhat of a more resilient picture for November, particularly given on-going concerns around the China growth backdrop. The just released Caixin China PMI came in better than expected at 49.4 versus the 48.9 forecast. We are now above recent trough levels of 48.1 recorded in September, albeit still in contractionary territory. Today’s outcome also has to be tempered with the weaker than expected official PMI results from earlier in the week.

  • The first chart below overlays the China Caixin PMI index against the South Korea and Taiwan PMIs, along with the US ISM.
  • The South Korea has also trended higher since September but remains in contractionary territory (49.0 latest versus 48.2 in October). The Taiwan PMI ticked up slightly (to 41.6 from 41.5), however in levels terms we are still around 2020 lows. The detail in both survey prints showed some modest improvement.

Fig 1: NEA PMIs & The US ISM

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North East Asia (NEA) PMIs arguably painted somewhat of a more resilient picture for November, particularly given on-going concerns around the China growth backdrop. The just released Caixin China PMI came in better than expected at 49.4 versus the 48.9 forecast. We are now above recent trough levels of 48.1 recorded in September, albeit still in contractionary territory. Today’s outcome also has to be tempered with the weaker than expected official PMI results from earlier in the week.

  • The first chart below overlays the China Caixin PMI index against the South Korea and Taiwan PMIs, along with the US ISM.
  • The South Korea has also trended higher since September but remains in contractionary territory (49.0 latest versus 48.2 in October). The Taiwan PMI ticked up slightly (to 41.6 from 41.5), however in levels terms we are still around 2020 lows. The detail in both survey prints showed some modest improvement.

Fig 1: NEA PMIs & The US ISM

Keep reading...Show less