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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
The market consensus for today's official manufacturing PMI is 49.8 (prior 49.5). The forecast range is 49.0 to 50.1. For the non-manufacturing or services side, the expectation is 50.9 (prior 50.6). The forecast range is 50.4 to 51.6. The composite PMI was 50.7 in Oct, there is no consensus expectation for this print.
- Given government efforts to boost the growth backdrop, particularly via increased government bond issuance, the market will be looking for signs of stimulus efforts gaining traction in today's data.
- The China emerging industries PMI has already printed for Nov, falling to 54.7 from 57.8. This PMI has some relationship with the official manufacturing PMI, see the chart below, but it is by no means perfect. This index rose in Oct, while the official PMI fell.
Fig 1: China Official Manufacturing PMI Versus Emerging Industries PMI
Source: MNI - Market News/Bloomberg
- On the services side, the Standard Chartered China SME index edged down slightly in Nov to 50.9, from 51.0 in Oct. Again, this index has some relationship with the services PMI, but the correlation is comfortably below 1.
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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