At 0145GMT we get the July flash reading for the HSBC manufacturing PMI.

  • Expected is 48.2, and prior was 48.2

This release comes 15 minutes after the Australian Q2 CPI release and will be an important market focus also.

  • China growth has been weakening
  • Chinese authorities have been perceived as saying that growth will not be permitted to fall below 7% (i.e that there will be some sort of stimulus enacted should growth weaken further)
  • The HSBC survey is viewed with more trust than official figures (but it does measure its PMI differently to the official)

(Apologies if you have come here expecting news on Anthony Weiner, New York mayoral candidate, your search engine may have picked up the word ‘flash’ in the headline to the post)