China Data Response HSBC/Markit Flash Manufacturing PMI (Mar.) Today’s downbeat flash PMI figures suggest that conditions in China’s manufacturing sector are still weak. However, fears about a hard landing look overdone. 22nd March 2012 · 1 min read
China Data Response Manufacturing PMIs (Feb.) A third consecutive increase in both of China’s manufacturing PMIs should dispel any lingering concern about an imminent hard landing. But with a post-Chinese New Year rebound in hiring and activity... 1st March 2012 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Feb.) The flash PMI released today suggests that conditions in manufacturing have stabilised but are relatively subdued. Foreign demand appears to have weakened. 22nd February 2012 · 1 min read
China Data Response Lending & Foreign Trade (Jan.) We draw two very tentative conclusions from today’s lending and trade data: domestic demand is still slowing and the pace of policy easing is very slow. 10th February 2012 · 1 min read
China Data Response Consumer Prices (Jan.) The distortion caused by Chinese New Year contributed to the higher-than-expected headline consumer price inflation in January but it will also bring February’s figures down markedly. We do not... 9th February 2012 · 1 min read
China Data Response PMIs (Jan.) Both of China’s manufacturing PMIs have picked up over the past two months, adding to evidence that the economy has found its feet in the last few weeks. 1st February 2012 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Jan.) The flash PMI released today added to the impression that the economy is performing better than seemed likely a few weeks ago. China’s growth is still relatively subdued, but the economy ended the... 20th January 2012 · 1 min read
China Data Response Consumer Prices (Dec.) Seasonal factors linked to Chinese New Year slowed inflation’s decline in December. The payback will come once the festival has passed when the headline rate is likely to register another significant... 12th January 2012 · 1 min read
China Data Response Foreign Trade (Dec.) Today’s trade data show an unexpectedly large drop in import growth. This may simply be a correction after a couple of months of relative strength, but it adds to the picture of slowing growth in... 10th January 2012 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Dec.) China’s flash PMI for December rebounded, but it remains below 50. What’s more, finished goods inventories are rising and some of the recent activity seems to have been aimed at clearing backlogs... 15th December 2011 · 1 min read
China Data Response Foreign Trade (Nov.) China’s latest trade data provide some room for optimism despite the downbeat headline figures. Restocking may explain most of the pick-up in commodity imports, but non-commodity imports increased too... 12th December 2011 · 1 min read
China Data Response PMIs (Nov.) Even after a run of disappointing data, today’s PMIs were worse than most expected. It will be a while before policy easing helps the economy to turn the corner. 1st December 2011 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Nov.) The unexpectedly sharp drop in China’s flash PMI for November, if corroborated by other indicators, is likely to push policymakers to go beyond policy “fine-tuning” to outright easing. Today’s... 23rd November 2011 · 1 min read
China Data Response Lending and Broad Money (Oct.) Today’s data show that net new lending rebounded last month, while growth in broad money fell slightly. We expect credit controls to be eased officially soon and therefore see lending picking up... 11th November 2011 · 1 min read
China Data Response Foreign Trade (Oct.) Demand for China’s exports is much weaker than today’s headline growth figures suggest. We expect a sharp slowdown in export growth in November. But imports are growing strongly, implying that... 10th November 2011 · 1 min read
China Data Response PMIs (Oct.) China’s two manufacturing PMIs moved in opposite directions in October. We suspect that inventory restocking explains the rise in the more upbeat HSBC/Markit index. With final demand set to remain... 1st November 2011 · 1 min read
