Official PMI data from China for December 2081
Manufacturing PMI comes in at 49.4, firmly into 'contraction' (first time since July of 2016)
- expected 50.0, prior 50.0
For the non manufacturing,: China Non-manufacturing PMI for December: 53.8 (vs. expected 53.2)
Combining the two, Composite comes in at 52.6
- Nov was 52.8
OK, so a bit of a mixed bag, Manufacturing result is soft, while non-man is up for a beat.
To the extent traders focus on these numbers for a reaction, its the pretty much on the manufacturing number, not the non-manufacturing. China proxy trades (AUD for example) will view the result as a negative, but it will be tempered somewhat though.
The manufacturing PMI fits the current narrative of a less robust global economy, while the non-manufacturing counters the softening domestic demand narrative. yeah, like I said, mixed bag this set of numbers.
more to come
