24 Oct 2013
Flash: Risks for a flat to slightly softer China PMI - Westpac
FXstreet.com (Barcelona) - The Asian calendar focus will be the ‘flash’ Oct reading on China manufacturing from HSBC/Markit at 1.45GMT, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"The ‘flash’ Sep reading was an encouraging 51.2 from Aug’s 50.1 but was revised down sharply in the final survey to just 50.2."
This seems to have chastened forecasters, with consensus for a very modest rise to 50.4."
"Given the details of the final Sep report, we see risks for a flat to slightly softer headline. Note that Westpac’s China data pulse index has softened to 54.6% from 68% end-Sep."
Key Quotes
"The ‘flash’ Sep reading was an encouraging 51.2 from Aug’s 50.1 but was revised down sharply in the final survey to just 50.2."
This seems to have chastened forecasters, with consensus for a very modest rise to 50.4."
"Given the details of the final Sep report, we see risks for a flat to slightly softer headline. Note that Westpac’s China data pulse index has softened to 54.6% from 68% end-Sep."