China’s PMIs are out and are again weak. The manufacturing PMI came in at 49.4, expected was 49.6 and down from 49.7 in December. The internal are not great, either, with exports new orders especially diving:
Manufacturing PMI 49.4 49.7 49.6 49.8 49.8 49.7 50.0
Output 51.4 52.2 51.9 52.2 52.3 51.7 52.4
New Orders 49.5 50.2 49.8 50.3 50.2 49.7 49.9
New Export Orders 46.9 47.5 46.4 47.4 47.9 47.7 47.9
The services PMI also arrived and underwhelmed at 53.5 down from 54.4 in December. Whacked the Aussie, miners, oil and S&P futures.
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