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Saturday, June 19, 2021

Manufacturing 51.1 (vs. expected 51.8) & Non-manufacturing 54.9 (expected 56.1)

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China official PMIs for April, published by the National Bureau of Statistics and China Federation of Logistics and Purchasing. 

Manufacturing well under the median central estimate at 51.1 
Non-manufacturing missing also, comes in at 54.9
Composite 53.8

Both the manufacturing and non-manufacturing were expected to dip back from March levels but the drops are much more than expected. Both are still in expansion but the results do indicate just a little heat coming out of the Chinese economy.

China proxy trades (eg. the AUD) are off just a little on the release.  

NBS notes that firms in China are suffering from the chip shortage and ‘impeded international logistics’. 

Still ahead, due at 0145 GMT from China:

 

Caixin/Markit Manufacturing PMI for April

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