Caída del PMI de manufacturas chino

China Flash PMIDropsMostIn 6 Months

China’s HSBC Flash PMI missedexpectationsrathernotably (50.4 vs 50.8 exp) anddroppeditsmostMoMsinceMay as the hope-mongering of a China-led renaissance in global growth is dashed on the shores of liquidity reality. It was a mixed bag – providing just enough for everyone under the covers. New exports orders dropped to 3-month lows and employment flipped into the deteriorating camp but manufacturing output rose to its highest in 8 months (sure, whynot – the "ifwebuilditthenwe’llvendorfinanceit" modelworkedbefore, right?) Market reactions are generally bad-news-is-bad-news with US equity futures down and the Hang Seng extending losses.

The PBOC is offering up some liquidity today but at notably higher rates once again – so the tightening bias remains…

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