China HSBC/Markit Flash reading for manufacturing PMI for April comes in at 48.3
- expected 48.3
- prior was 48.0
Comes in right as expected. but not a great figure. Check out the table form the report (below). Lots of ‘Decrease’ in there. Some at a ‘faster rate’, some ‘slower’.
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- The Flash China Manufacturing Output Index at 48.0 in April (47.2 in March), at a 2-month high
Hongbin Qu, Chief Economist, China & CoHead of Asian Economic Research at HSBC:
- Domestic demand showed mild improvement and deflationary pressures eased, but downside risks to growth are still evident as both new export orders and employment contracted.
- The State Council released new measures to support growth and employment after the release of Q1 GDP.
- Whilst initial impact will likely be limited, they signalled readiness to do more if necessary.
- We think more measures may be unveiled in the coming months and the PBoC will keep sufficient liquidity.
