China Flash PMI remains weak

Thursday 20 September 2012

China’s September HSBC Flash PMI is out and shows sideways momentum:

Flash China Manufacturing PMI™ at 47.8 (47.6 in August). 2-month high. Flash China Manufacturing Output Index at 47.0 (48.2 in August). 10-month low.

Some decent news in no further deterioration and there is also some promise in the second derivatives of the leading components:

This is consistent with my recent thoughts that China is at the bottom of its recent slide.

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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.