0240 GMT [Dow Jones] HSBC's China PMI, a competing measure to the official PMI
which is better regarded by many analysts, declined to 48.4 in May, compared to
49.3 in April and an earlier preliminary reading of 48.7. The series has been in
contractionary territory below 50 for seven straight months, in contrast to the
official CFLP PMI, which posted a rise to 53.3 in April before falling to 50.4
in May. The April CFLP PMI reading has been widely viewed with suspicion in
markets, as other April data was weak across-the-board. In a note on Thursday,
Capital Economics said the HSBC PMI is more reliable due to better seasonal
adjustment and a higher sampling of small, private-sector firms. The HSBC index
"is more representative of the manufacturing sector as a whole," Capital
Economics said. "It is also independent of official control."
(aaron.back@dowjones.com)
No comments:
Post a Comment