HSBC Flash (i.e. preliminary) China Manufacturing Purchasing Managers Index (PMI) for September 50.5
- expected is 50.0, prior was 50.2
–
More below:
Better than prior and above expectations … AUD up a little on it as I type
From the release:
Hongbin Qu, Chief Economist, China & CoHead of Asian Economic Research at HSBC:
- “The picture is mixed, with new orders and new export orders registering some improvement.
- Meanwhile, the employment index declined further and disinflationary pressure intensified.
- Economic activity in the manufacturing sector showed signs of stabilization in September.
- However, overall the data still point to modest expansion.
- The property downturn remains the biggest downside risk to growth.
- We continue to expect more monetary easing from the PBoC in order to steady the recovery.”
