China official PMIs for April: Manufacturing 51.1 (vs. expected 51.8) & Non-manufacturing 54.9 (expected 56.1)
China official PMIs for April, published by the National Bureau of Statistics and China Federation of Logistics and Purchasing.Manufacturing well under the median central estimate at 51.1
expected 51.8, prior 51.9
expected 56.1, prior 56.3
Both the manufacturing and non-manufacturing were expected to dip back from March levels but the drops are much more than expected. Both are still in expansion but the results do indicate just a little heat coming out of the Chinese economy.
China proxy trades (eg. the AUD) are off just a little on the release.
NBS notes that firms in China are suffering from the chip shortage and 'impeded international logistics'.
Still ahead, due at 0145 GMT from China:
Caixin/Markit Manufacturing PMI for April
expected 50.9, prior 50.6