China’s September HSBC Flash PMI is out and shows sideways momentum:
Flash China Manufacturing PMI™ at 47.8 (47.6 in August). 2-month high. Flash China Manufacturing Output Index at 47.0 (48.2 in August). 10-month low.
Some decent news in no further deterioration and there is also some promise in the second derivatives of the leading components:
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This is consistent with my recent thoughts that China is at the bottom of its recent slide.
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