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Good morning, very cloudy day in Hong Kong, like Asian economic outlook. Got Aug PMIs out for Asia (China official over the weekend shows weak manu at 49.5 w/ domestic demand under pressure as new orders, employment, output prices in contraction). Caixin at 945. Asian PMIs soft👇🏻 
Got charts ready to refresh: 👇🏻 a recap of state PMIs so far (got historical trends). When the data is out, will refresh this & add the 3-month moving ave to smooth out volatility too. Exps for manu is 49.8👇🏻(sub 50 =contraction from prevs month, seasonally adjusted). Manu weak👇🏻
China fix was interesting this morning at 7.0883 vs exp of 7.1028. If you use the GMM function I showed you & drag the news into it (1st news), then u can see impact of fix on assets...👇🏻👇🏻👇🏻
Better than expected & jumped to expansion at 50.4 from 49.9 in July (exps 49.8). Presser by Markit says new orders improved & employment still contracted but close to 50.
Let's look at these charts again w/ Caixin included 👇🏻
Let's look at these charts again w/ Caixin included 👇🏻
Let's smooth this out taking a 3-month moving average (data very volatile) & very clear that there is softening of the manufacturing sector (by that I mean contraction but the pace of contraction stabilizing); Meanwhile, services holding up but softening too. 👇🏻👇🏻👇🏻
While soft indicators shows stabilization w/ weakness in manu, China import data is much worst (trade data 8 Sept). Korea exports contracted by -13.6% in August w/ China imports falling by -21.3% YoY.
The bounce of the Caixin PMI maybe helpful for Chinese firms but not Koreans👇🏻
The bounce of the Caixin PMI maybe helpful for Chinese firms but not Koreans👇🏻
