HSBC/Markit China manufacturing PMI shows further contraction in August
3 September, 2012, 11:39. Posted by Zarathustra
HSBC/ Markit China manufacturing PMI has been revised downward from the flash estimate 47.8 to 47.6, the lowest reading since March 2009.
Other components have been revised. On the upside, new export orders component was revised upward from 44.7 to 45.5, while output was revised upward from 47.9 to 48.2. However, of particular importance, in our view, new orders component was revised down from 46.6 to 46.1, while inventory of finished goods was revised upward from 53.6 to 54.0. These bring the new orders minus inventory measure further down from –7.0 in the flash estimate to –7.9, vs. the official PMI figure of 0.5, showing yet another divergence emerging.
On the whole, we think the final estimate appears to be a tad weaker than the flash estimate.
Source: CFLP, NBS, HSBC/Market, Bloomberg
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About Zarathustra
Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.