China Caixin Manufacturing PMI for October comes in at an improved (but still in contraction) 48.3 ... highest in 4 months
- expected 47.6, prior 47.2
Over the weekend we got 'official' PMIs: Manufacturing 49.8 (50.0 expected) Services 53.1 (53.4 prior)
Key points from Markit:
- Production falls at the weakest rate in four months
- Total new work contracts at slower pace amid improvement in new export order intakes
- Input costs and output prices continue to decline at marked rates
Comment from the Chief Economist at Caixin:
- "The slight upswing shows the manufacturing industry's overall weakening has slowed down, indicating that previous stimulating measures have begun to take effect.
- Weak aggregate demand remained the biggest obstacle to economic growth, and the risk of deflation resulting from the continued fall in the prices of bulk commodities needs attention."
-
Beat on expectations seeing a few points added to the AUD in the immediate market response. Maybe the 'its not as bad as we thought it would be and its not becoming worse as fast as it was' is the new good.
-
If you think you may have missed the 'flash' reading ... you didn't ... the 'flash' has been discontinued
-
Added ... Taiwan Manufacturing PMi for October comes in at 47.8 (46.9 previously)
