China PMIs sicken

The NBS is out with China PMIs for October and its more weakness:

  In October 2019 , the China Manufacturing Purchasing Managers Index ( PMI ) was 49.3% , down 0.5 percentage points from the previous month .

Nothing much good there with local and export new orders struggling.

The services PMI was not much better:

In October 2019 , the non-manufacturing business activity index was 52.8% , down 0.9 percentage points from the previous month , indicating that the non-manufacturing industry has generally maintained an expansion trend, and the growth rate has slowed down.

Also poor. The only good news being:

The construction industry business activity index was 60.4% , up 2.8 percentage points from the previous month and returning to the high-level boom.

Still, overall, no good for commodity prices.

David Llewellyn-Smith

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