1 Dec 2014
Below expected official manufacturing PMI in China – ING
FXStreet (Barcelona) - Tim Condon, Head of Research & Chief Economist of Asia at ING, notes that the official manufacturing PMI fell for a second consecutive month, hitting a nine-month low of 50.3, which points to a slowdown in industrial production growth.
Key Quotes
“We think the November 21 policy interest rate cuts will support economic activity from December.”
“The official manufacturing PMI fell for a second consecutive month, hitting a nine-month low of 50.3 from 50.8 in October (consensus 50.5). All components except Supplier Delivery Times declined.”
“The final HSBC/Markit manufacturing PMI was unchanged from the 50.0 flash reading, which was down from 50.4 in October. The official and HSBC indexes have bounced around 51 and 50 respectively since early 2013.”
“The data point to a slowdown in sequential industrial production growth. We expect the November 21 policy interest rate cuts to support manufacturing activity from this month. We think the PMIs and sequential industrial production growth have bottomed.”
Key Quotes
“We think the November 21 policy interest rate cuts will support economic activity from December.”
“The official manufacturing PMI fell for a second consecutive month, hitting a nine-month low of 50.3 from 50.8 in October (consensus 50.5). All components except Supplier Delivery Times declined.”
“The final HSBC/Markit manufacturing PMI was unchanged from the 50.0 flash reading, which was down from 50.4 in October. The official and HSBC indexes have bounced around 51 and 50 respectively since early 2013.”
“The data point to a slowdown in sequential industrial production growth. We expect the November 21 policy interest rate cuts to support manufacturing activity from this month. We think the PMIs and sequential industrial production growth have bottomed.”