Adam had the HSBC China PMI result here: HSBC final China manufacturing PMI 49.6 vs 49.5 exp
This was the ‘final’ reading for December, the ‘flash reading was way back on December 16, here: HSBC China manufacturing PMI for December – FLASH: 49.5 (vs. 49.8 expected)
While today’s final result, at 49.6, was better than the flash reading and a tiny bit above expected it is still a ******* **** result. (Oh dear, I seem to have gotten a little emotional there, thank goodness I can use *’s to replace the letters in rude words – ****-yeah!)
Anyway, where was I?
The Wall Street Journal has a little more on the release today, with some analyst comments (the analysts aren’t as rude as me):
Lu Zhengwei, chief economist at Industrial Bank Co. in Shanghai:
- “It’s not a good sign for next year”
- “The central bank will want to wait and see what the impact is before it takes any fresh measures” (referring to the boost in liquidity the PBOC has recently provided)
HSBC’s chief economist for China, Qu Hongbin:
- “Today’s data confirmed the further slowdown in the manufacturing sector towards year-end ”
- “We believe that weaker economic activity and stronger dis-inflationary pressures warrant further monetary easing in the coming months”
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More at the article (though it may be gated): Chinese Factory Activity Slips in December
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Note – this is the HSBC manufacturing PMI, we get the ‘official’ reading tomorrow (December 31 at 2000 Eastern US time, with is January 01 0000GMT) … expected is 50.0 while the prior was 50.3