China April Caixin/Markit PMIs Services 36.2 (expected 40)

China Caixin/Markit PMIs Services and Composite for April

Services 36.2, second lowest reading ever 9survey started in 2005)

• expected 40, prior 42
• new business sub-index also at its second-worst ever, 38.4
• employment fell for the 4th consecutive month

Composite 37.2

• prior 43.9

Markit comment:

• "Demand was under pressure, external demand deteriorated, supply shrank, supply chains were disrupted, delivery times were prolonged, backlogs of work grew, workers found it difficult to return to their jobs, inflationary pressures lingered, and market confidence remained below the long-term average"

Wow, that's a long list of woes. Hardly surprising given widespread lockdowns and other restrictions hitting the services sector of the economy particularly hard.

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Over the weekend we had the official PMIs from China for April, along with the Caixin manufacturing PMI:

China PMIs for April 2022 have been published - all are well into contraction

• Manufacturing 47.4 vs. expected 48.0, prior 49.5
• Non-manufacturing 41.9 vs. prior 48.4
• Composite 42.7 vs. prior 48.8

All the PMIs released from China on Saturday showed further sharp contraction

eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term