Official manufacturing and services PMIs
Manufacturing, 52.4 for a beat on expectations & higher than August
- expected 51.6, prior 51.7
- highest since April 2012
Non-manufacturing, 55.4 - well ahead of the August result
- prior 53.4
The background to this from China is:
- Manufacturers earnings are strong (August Industrial profits +24% y/y (prior +16.5%) ) Government infrastructure spending is also strong
- PPI (factory-gate prices) are contributing to profit growth
- Exports are bouncing
- Commodity prices (iron ore etc.) are soft though
I posted during the week on Early eco data for China (September ): "Hint at slowing momentum"
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Coming up a little later today, the private manufacturing PMI for September, due at 0145GMT
Caixin / Markit Manufacturing PMI:
- expected 51.5
- prior 51.6
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Note that China is closed all of next week for public holidays.
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