Official July PMIs from China will be out on Friday 31 August
- manufacturing expected 51.0, prior 51.2
- non-manufacturing prior 54.0
- composite prior 53.6
The Caixin / Markit surveys for PMIs will follow on Sep 3
For tomorrow, thoughts via Nomura:
- We expect the official PMI to tick down further to 51.1 in August from 51.2 July. Despite the historical average showing a 0.2 percentage point (pp) increase from July to August, high-frequency data have slowed: growth of coal consumption by six power plants was 2.9% y-o-y in August from 11.2% in July; growth of crude steel production fell to 4.2% from 5.6%, while the national blast furnace operation rate was 66.4% from 70.2%.
