Tag Archive: caixin

ISM’s Nasty Little Surprise Isn’t Actually A Surprise

2021-07-07

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2021-07-07

U.S. ISM Non-Manufacturing PMI, Employment, Jan 2017 - May 2021
Completing the monthly cycle, the ISM released its estimates for non-manufacturing in the US during the month of June 2021. The headline index dropped nearly four points, more than expected. From 64.0 in May, at 60.1 while still quite high it’s the implication of being the lowest in four months which got so much attention.

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Noisy PMI’s In China

2017-10-14

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2017-10-14

China Manufacturing PMI, March 2007 - Sep 2017
In the US our economic data for a few months at least will be on shaky ground due to the lingering economic impacts of severe hurricanes. In China, the potential for irregularity is perhaps as great, though it has nothing to do with the weather. In a little over a week, Communist Party officials will gather for their 19th Party Congress.

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Global Stocks Rise On “Growth Optimism”, Ignore Political Turmoil; Dollar, Oil Creep Higher

2017-07-31

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2017-07-31

Stoxx Europe, Aug 2016 - 2017
S&P futures rose 0.1% on the last trading day of the month, trailing European and Asian markets boosted by China’s July Mfg. PMI, which despite declining from from 51.7 to 51.4, and missing expecations  of 51.5, saw the construction index rise to its highest level since December 13, sending Chinese iron ore futures surging and … Continue reading »

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Dollars And Sent(iment)s

2017-06-09

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2017-06-09

ISM Manufacturing PMI, July 2014 - May 2017
Both US manufacturing PMI’s underwhelmed just as those from China did. The IHS Markit Index was lower than the flash reading and the lowest level since last September. For May 2017, it registered 52.7, down from 52.8 in April and a high of 55.0 in January. Just by description alone you can appreciate exactly what pattern that fits. The ISM Manufacturing PMI was slightly higher in May than April, 54.9 versus 54.8, but still down from a February peak...

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Pay No Attention To 50

2017-06-08

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2017-06-08

China NBS Manufacturing PMI, May 2007 - May 2017
China’s PMI’s were uniformly disappointing with respect to what Moody’s was on about last week. Chinese authorities expended great effort and resources to get the economy moving forward again after several years of “dollar”-driven deceleration. here was a massive “stimulus” spending program where State-owned FAI expenditures of about 2% of GDP were elicited to make up for Private FAI that at one point last year was actually contracting.

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