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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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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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