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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 DATA
China official PMIs came in comfortably above expectations. The manufacturing reading at 52.6 (50.6 forecast), while non-manufacturing was 56.3 (54.9 forecast). The Caixin manufacturing PMI also beat market expectations, 51.6, versus 50.7 forecast.
- The detail of the official PMIs were solid as well. For manufacturing, new orders to 54.1 (from 50.9), while employment also rose back into expansion territory (50.2 from 47.7). New export orders also rose to 52.4 from 46.1, while output prices are back at 51.2 from 48.7 last month.
- For the services index it was a similar story, new orders to 55.8, employment to 50.2. Business activity expectations in the services sector remained very firm, 64.9, unchanged from last month.
- The detail for the Caixin print looks similar, albeit with index levels generally sitting lower, as this survey tends to focus more on the SME sector rather than large enterprises.
- These prints point to meaningful improvement in terms of near term data momentum. The first chart below overlays the manufacturing PMI (official) against IP y/y growth. The second chart is the services PMI against retail sales y/y.
Fig 1: China Official Manufacturing PMI Versus IP Growth Y/Y
Source: MNI - Market News/Bloomberg
Fig 2: China Services (Non-Manufacturing PMI) Versus Retail Sales Y/Y
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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