Official China PMIs data is here: China Feb Manufacturing PMI 49.2 (vs. 49.5 expected)
Manufacturing PMI 49.2
- expected 49.5, prior 49.5
Non-Manufacturing PMI 54.3
- exp 54.5, previous was 54.7
Composite PMI 52.4
- previous Dec 53.2
More:
Manufacturing:
- 3rd consecutive month in contraction
- three year low
- Export performance weighing amidst the trade tensions with the US
- Domestic demand faltering also
- the sub index showing output is down to its lowest since January of 2009
- the sub index for new export orders, lowest since February of 2009
Services PMI
- came in lower in in February after a 2 month rebound
- Its likely showing the familiar cooling property market and also struggling domestic demand
A caveat on the results are the distortions around lunar new year, always a hazard for January and February China data
AUD dropped on the release of the PMIs:
