China - Caixin Manufacturing PMI: 48.6 (expected 49.2, prior 49.2)

1 July 2016, 05:58
Sherif Hasan
0
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This is the private survey manufacturing PMI. It's a different survey, different firms surveyed than in the official survey we got earlier. Tending to be smaller firms than those in the official survey.

Caixin Manufacturing PMI 48.6
  • expected 49.2, prior 49.2
  • Output and new orders have fallen to their lowest since February
  • Export orders declined from May
  • Employment contraction for the 32nd consecutive month
Ugly. This is the 16th month of contraction. And a 4 month low.

Markit comments:
  • Conditions in Q2 considerably weaker than in Q1
  • Turbulent external environment
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We got the official PMIs earlier today:
  • China official manufacturing PMI for June: 50.0 (expected 50.0)
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Meanwhile ... JGB yields are hitting new all time lows again today
  • 2 year -0.31%
  • 10 year -0.237%
  • 5 year at -0.33%
Nikkei is +1.2%
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