The official manufacturing PMI from China released yesterday dropped deeper into contraction:
- The Caixin survey found that companies’ output and new orders rose on the back of the first increase in new export orders in five months. It said that this was likely due to Washington exempting about 400 types of Chinese products from tariffs during the month.
It also quotes a take via Julian Evans-Pritchard, senior China economist at Capital Economics
- “A divergence in the official and unofficial PMIs makes it unusually difficult to gauge how the economy performed at the start of Q4,”
AUD liked the data, update: