China Flash PMI back into recession

Thursday 23 May 2013

China’s May Flash PMI is out and the bad news keeps rolling with it sliding back into recessionary territory at 49.6 versus expected of 50.4. As you can see the internals are pretty lousy:

Not disastrous but not great either.

There was some interesting action in the dollar. It dropped 30 pips a minute before the release suggesting someone had an inside run, then rallied half of that back afterwards. Currently at 96.36 and still looking vulnerable,

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.