Event risks: HSBC China services PMI

Last month’s number came in at 53.9 and the market will be looking to any major deviation from this, see Economic Calendar. As usual I’m hearing both sets of rumours; one saying that recent HSBC data, which is more inclusive than the official sets, has been coming in below expectations and this will happen again; the other saying that the domestic services industries have been taking up the slack from manufacturing and therefore we can expect an improved number.