China Data Response Trade (Jan.) The sharp fall in headline trade growth in January is not cause for alarm as it largely reflects the usual volatility ahead of Chinese New Year, along with the fall in global commodity prices which... 9th February 2015 · 1 min read
China Data Response Manufacturing PMIs (Jan.) While the PMI readings for January are less downbeat on conditions among small firms, they suggest that momentum has continued to deteriorate among larger firms on the back of softening external... 2nd February 2015 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Jan.) Following stronger-than-expected industrial output growth for December, today's flash manufacturing PMI reading provides a further sign that, although the economy continues to face headwinds from a... 23rd January 2015 · 1 min read
China Data Response GDP by Sector (Q4) Today's full breakdown of Q4 GDP suggests that a key reason for China's better-than-expected growth last quarter lies with the recent stock market rally, which appears to have driven a sharp pick-up... 21st January 2015 · 1 min read
China Data Response Q4 GDP & December Activity Data Today's data suggest that although slowing investment, particularly in the property sector, continues to put downward pressure on growth, this was offset last quarter by a pick-up in consumption and... 20th January 2015 · 1 min read
China Data Response Lending, credit (Dec.) & FX reserves (Q4) While a pick-up in banking lending growth in December suggests a slightly more accommodative policy stance, we think stronger growth in other forms of credit reflects a weak base for comparison due to... 15th January 2015 · 1 min read
China Data Response Trade (Dec.) Stronger-than-expected export growth points to healthy external demand. Meanwhile, although import growth remains subdued, a pick-up in commodity import volumes has prevented falling commodity prices... 13th January 2015 · 1 min read
China Data Response Consumer & Producer Prices (Dec.) A modest pick-up in consumer price inflation in December, on the back of a sharp rise in vegetable prices, is a reminder that Chinese inflation is much less sensitive to oil prices than inflation in... 9th January 2015 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Dec.) Manufacturing activity looks to have continued to cool in recent weeks in spite of last month's rate cut, an apparent loosening of lending controls and the return to normal operations at factories in... 16th December 2014 · 1 min read
China Data Response Bank Lending & Broad Credit (Nov.) Bank lending came in much stronger than most had anticipated last month but the bigger picture is that credit growth overall remains on a downward path. 12th December 2014 · 1 min read
China Data Response Fixed investment, industrial output, retail sales (Nov.) Today’s activity and spending data from China show that property and industry continue to face headwinds. The credit data, just released, suggest policymakers are taking a somewhat more supportive... 12th December 2014 · 1 min read
China Data Response Consumer & Producer Prices (Nov.) A fall in inflation to a five-year low last month may add to deflation fears but we think such concerns are overplayed. Easing inflation is being driven by falls in global commodity prices which... 10th December 2014 · 1 min read
China Data Response Trade (Nov.) The November trade data suggest that both external and domestic demand have softened somewhat. That said, we think that underlying conditions have held up better than the sharp falls in headline... 8th December 2014 · 1 min read
China Data Response Manufacturing PMIs (Nov.) Today's PMI readings suggest that the manufacturing sector continues to face headwinds. And while it is too early to look for the impact of last month's rate cut in today's data, it seems unlikely... 1st December 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Nov.) Today’s PMI reading suggests that manufacturing activity has continued to cool, but it also provided some hope that downward pressure on domestic demand has eased up so far in the fourth quarter. 20th November 2014 · 1 min read
China Data Response Hong Kong GDP (Q3) Today’s GDP figures show that Hong Kong’s economy rebounded strongly in the third quarter, on the back of big increases in consumption and exports. Although growth will probably weaken again in Q4... 14th November 2014 · 1 min read
