A big beat and to its highest since February of 2017
Quite the contrast with yesterday's disappointing official manufacturing PMI. The two surveys are, fo course, different, but still this is a big gap.
- China official PMIs for October. Manufacturing 49.3 (vs. expected 49.8),
- China manufacturing PMI recap - 6 months in contraction now
Today's Caixin result:
- Output and new orders both expanded at steeper rates,
- increase in export business.
- further drop in staffing levels
- Prices charged by manufacturers meanwhile fell slightly
- cost burdens rose slightly
- Business confidence regarding the 12-month outlook for output improved to its highest since April
While forex ranges have not been large, AUD is up a few tics on this report:
