Caixin China PMI fades

Taken in the second half of the month so might just capture the leading edge of the virus but given everyone was on holiday anyway it’s muddled:

Chinese services companies saw business activity growth slow further in January, according to latest PMI data. Total new orders also expanded at a softer rate, in spite of a stronger increase in new work from abroad. At the same time, firms registered a sustained rise in operating expenses, while efforts to help contain costs contributed to a broad stagnation of employment across the sector. Prices charged by service providers meanwhile fell slightly due to efforts to boost sales. Nonetheless, firms recorded a stronger degree of optimism towards the year ahead, with business confidenceimproving to a 16-month high in January.

Adjusted for seasonal factors, including Chinese New Year, the headline Business Activity Index fell from 52.5 in December to 51.8 in January, to signal a softer rise in services activity at the start of the year. Notably, the rate of expansion was the softest recorded for three months.

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