JAPAN – Markit/JMMA Manufacturing PMI for July – this is the preliminary, ‘flash’ reading,
- prior was 51.5
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This is the Japan reading, the market focus is the China flash reading, which is coming up at 0145GMT
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Amy Brownbill, Economist at Markit:
- Japanese manufacturers’ new orders remained in growth territory for the second month running, while there was a rise in new exports for the first time in four months
- These weren’t enough to prevent output stagnating, although this most likely reflects a little payback from the solid gains seen in June and the on-going unwinding of the impact of the hike in sales tax earlier in the year
- Looking through this noise therefore remains a challenge, but we note payroll numbers rose again suggesting manufacturers retain some positive forecasts for the coming months.
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Yen not doing a lot on the release.
