MNI China Daily Summary: Friday, April 26

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PMI: Services surprises to upside, but less services prices not as concerning as France

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Similar to France, the composite output index was at a multimonth high of 50.5 (48.8 expected, 47.7 prior, 10-month high for Germany), driven by an increase in demand for services (with the services PMI at 53.3, also a 10-month high). However, manufacturing also saw a small disappointment, rising to 42.2 from 41.9 (42.7 expected) with the " the sharpest drop in factory new orders for five months." However, on the prices side the picture doesn't appear as concerning as in France with services prices merely rising at their series long-run average. Highlights from the press release

  • "On the employment front, there was likewise a dichotomy between rising workforce numbers in the service sector and further manufacturing job cuts. The rate of hiring in the service sector even quickened slightly and was the second-fastest seen in the past ten months."
  • "Despite manufacturers reporting challenging demand conditions and maintaining a preference for lower workforce numbers, they signalled improved expectations towards future production. Factory sentiment was at a 12-month high in April."
  • "Latest data meanwhile showed a slight increase in price pressures at the start of the second quarter."
  • "Output prices likewise rose in April at a rate that virtually matched the series long-run average, having ticked up from March’s 37-month low. Higher prices charged were centred on the service sector, where firms reported the pass-through of increased costs to customers. This contrasted with the situation in manufacturing, which saw the steepest rate of decline in factory prices since September 2009 amid strong competition for new work."
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Similar to France, the composite output index was at a multimonth high of 50.5 (48.8 expected, 47.7 prior, 10-month high for Germany), driven by an increase in demand for services (with the services PMI at 53.3, also a 10-month high). However, manufacturing also saw a small disappointment, rising to 42.2 from 41.9 (42.7 expected) with the " the sharpest drop in factory new orders for five months." However, on the prices side the picture doesn't appear as concerning as in France with services prices merely rising at their series long-run average. Highlights from the press release

  • "On the employment front, there was likewise a dichotomy between rising workforce numbers in the service sector and further manufacturing job cuts. The rate of hiring in the service sector even quickened slightly and was the second-fastest seen in the past ten months."
  • "Despite manufacturers reporting challenging demand conditions and maintaining a preference for lower workforce numbers, they signalled improved expectations towards future production. Factory sentiment was at a 12-month high in April."
  • "Latest data meanwhile showed a slight increase in price pressures at the start of the second quarter."
  • "Output prices likewise rose in April at a rate that virtually matched the series long-run average, having ticked up from March’s 37-month low. Higher prices charged were centred on the service sector, where firms reported the pass-through of increased costs to customers. This contrasted with the situation in manufacturing, which saw the steepest rate of decline in factory prices since September 2009 amid strong competition for new work."