24 Jul 2014
China’s July PMI manufacturing reading highest since January 2013 - Deutsche Bank
FXStreet (Łódź) - Jim Reid from Deutsche Bank comments on China’s HSBC manufacturing PMI data, released overnight and showing an increase to 52 in July from 50.7 in June, a rise to 51.
Key quotes
“To put it into context, this is the second highest reading for the survey since 2011 and the highest reading since January 2013.”
“In the details of the survey, the output subindex rose to 52.8 (vs 51.8 in June) and the new orders index rose to its highest level in 18 months.”
“This is providing some hope that the Chinese government’s mini-stimulus efforts to date have helped offset the impact of the property cycle and economic reforms that may be constraining short term growth.”
“In reaction to the data, most major Asian equity indices have registered gains today while the AUD (+0.2%) and Shanghai copper futures (+1.2%) are other beneficiaries of today’s data.”
Key quotes
“To put it into context, this is the second highest reading for the survey since 2011 and the highest reading since January 2013.”
“In the details of the survey, the output subindex rose to 52.8 (vs 51.8 in June) and the new orders index rose to its highest level in 18 months.”
“This is providing some hope that the Chinese government’s mini-stimulus efforts to date have helped offset the impact of the property cycle and economic reforms that may be constraining short term growth.”
“In reaction to the data, most major Asian equity indices have registered gains today while the AUD (+0.2%) and Shanghai copper futures (+1.2%) are other beneficiaries of today’s data.”