China – HSBC manufacturing PMI:
The official manufacturing PMI was out earlier: China manufacturing PMI data for November: 50.3 (expected 50.5)
Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC
- “The HSBC China Manufacturing PMI fell to a six-month low of 50.0 in the final reading for November, down from 50.4 in October and unchanged from the flash reading
- Domestic demand expanded at a sluggish pace while new export order growth eased to a five-month low
- Disinflationary pressures remain strong while the labour market weakened further
- Today’s data suggest that the manufacturing sector lost momentum and point to weaker economic activity in November
- The PBoC’s rate cuts, delivered on the 21st November, will help to stabilise property and manufacturing investment in the coming months
- We continue to expect further monetary and fiscal easing measures to offset downside risks to growth.”
