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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
A reminder that the official PMIs for Apr print on Sunday. The market expects a pullback in both the manufacturing and services side. The manufacturing PMI is expected at 51.4, prior was 51.9, while forecast range is 50.9-51.7. On the non-manufacturing/services side, the forecast is 56.7, prior was 58.2, while forecast range is 55.0-55.90. The composite PMI will also be released, the prior was 57.0 (with no consensus for this print).
- If the consensus is realized for both prints, it will still leave us comfortably in expansion territory, particularly on the services side, see the chart below.
- Mobility/travel related indicators have remained firm through April, with planned bookings ahead of the 5-day May holiday period above 2019 levels per the Nikkei (see this link). Obviously, this may show up more so in May data.
- Housing sentiment faltered to some degree, with housing sales slowing in the first part of April.
- On the manufacturing side, partial indicators are also mixed, although this sector has been less buoyant compared with the services side as the re-opening theme gained traction. Activity data across March for IP, investments and profits still showed headwinds in some segments of manufacturing, particularly parts of tech.
Fig 1: China Manufacturing & Services PMIs
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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