India Nikkei/IHS/Markit Aug PMI data just out 5 Sept
- composite PMI 49.0 VS 46.0 prev
Improvements on previous readings but both showing contraction still given they are below the 50 threshold.
Disruptions caused by the new tax policy hurting new orders but the mftg component of the composite does show a surprise rebound.
Say IHS Markit:
"The underlying trend for services is one of uncertainty. Businesses are holding back on investment, leading to falls in employment"
Worrying times still.
USDINR 64.14 after the release.
USDINR
