HSBC (but not for much longer) Final Manufacturing PMI (ps. the survey will now be sponsored by Caixin from August, not HSBC)
49.4
- flash was 49.6, prior month was 49.2
- 4th consecutive month in contraction for this survey result ... not as bad as last month (incurable optimist I am)
- New orders back to positive territory, 50.3 (after 3 months of falls)
- New export orders up from May
Says Reuters:
- Demand remained sluggish
- Firms cut staff levels at the sharpest pace since February 2009
Annabel Fiddes, Economist at Markit:
- "The final reading of the HSBC China Manufacturing PMI pointed to a further decline in the health of the manufacturing sector in June.
- This was predominantly driven by the sharpest rate of job shedding across the sector since early-2009, while output also fell slightly on the month.
- On the upside, there were some signs of improvement in the shape of renewed increases in total new orders and new export business, suggesting that client demand both at home and abroad is reviving.
- However, it is likely that more stimulus measures will be required to ensure that the sector can regain growth momentum and to encourage job creation."
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Meanwhile .... AUD stalling at resistance: