• Expected 48.5
  • Prior was 49.5
  • Flash reading was 48.3 (a 7 month low)
  • The official manufacturing PMI was released on Saturday, coming in at 50.2
  • Not as weak as the flash, but still a 7-month low
  • Both Output and new orders decline for the first time since July of 2013
  • Employment cut at fastest rate since March 2009

Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said: “The final reading of the HSBC China Manufacturing PMI confirmed the weakness of manufacturing growth. Signs become clear that the risks to GDP growth are tilting to the downside. This calls for policy fine-tuning measures to stabilise market expectations and steady the pace of growth in the coming quarters.”

HSBC Markit manufacturing PMI for February 03 March 2014

This is not a good result, though it was well-telegraphed in the flash reading and in market expectations. AUD is basically unchanged, its taken a thrashing since late last week already, dropping hard on Friday and again a further dip this morning on Ukraine news. So any further selling on this data point has had negligible impact (at least so far)