Chinese economic data continues to underwhelm with today’s July PMI print coming in at 50.1, 0.4 points below consensus:
The PMI has not yet arrested its trend decline.
And despite what various glass half full folks have tried to bamboozle us with, this means that Chinese manufacturing is again on the verge of contraction. And the internals are still weakening, though probably at a slower rate.
Maybe a bottom in sight but there’s nothing like a v-shape apparent here.