CHINA DATA: HSBC chief China economist Qu Hongbin statement accompanying Oct
final PMI (49.5 vs Sept 47.9):
“October’s final PMI rose to an eight-month high, implying that China’s
industrial activity continues to bottom out following a modest pickup last
month. This is mainly driven by the increase of new orders, thanks to the
filtering-through of the earlier easing measures, while exports outlook remains
challenging. We expect a continuation of policy easing to further boost domestic
demand and counterbalance the external weakness, leading to a gradual growth
recovery in the coming quarters.”