It’s the PMI releases day, and we start with China. The manufacturing index stayed at 50.1 pts and this was the third reading in a row (marginally) above the neutral 50pt level. The market consensus was 50.0 pts.
New orders component was down feom 51 to 50.7 but it was offset by stronger employment sub-index (moving from 47.8 to 48.2). New orders are still in the expansion territory, for a third month running. There was also a significant correction in business activity expectations - from 60.3 pts to 55.9, so weakest since January, but still well above the neutral level. So this should be a neutral to gently positive reading form the point of view of market sentiment.
The services PMI eased from 53.5 to 53.1.
Chinese stock indices show not much af a change on the day although they were 0.5% higher than current levels in the middle of the Asian session.
Source: Macrobond, XTB
Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.