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31 Dec 2014
China HSBC final Manufacturing PMI confirms first contraction in 7 months – TradeTheNews
FXStreet (Barcelona) - The TradeTheNews Team note that China’s December HSBC final manufacturing PMI registered a contraction for the first time in 7 months, but fared better than expectations boosting the Shanghai composite.
Key Quotes
“Shanghai Composite was an outperformer in the early going and only added to its gains in the afternoon session with a near 2% rally retesting the 3,200 level.”
“China HSBC final manufacturing PMI for December confirmed the first contraction in 7 months but also fared a 0.1pt better than expected, supporting the mainland index while also boosting AUD/USD to session high above 0.82.”
“HSBC economist Qu remarked that price contraction deepened, and coupled with weaker economic activity, stronger disinflationary pressures warrant further monetary easing in the coming months.”
“Separately, a Chinese press report reiterated 2015 GDP target could be formally set at 7% and 2016 below 7%. In the property space, a research note out of China Academy of Social Sciences (CASS) forecasted 2015 property price decline of another 5%.”
Key Quotes
“Shanghai Composite was an outperformer in the early going and only added to its gains in the afternoon session with a near 2% rally retesting the 3,200 level.”
“China HSBC final manufacturing PMI for December confirmed the first contraction in 7 months but also fared a 0.1pt better than expected, supporting the mainland index while also boosting AUD/USD to session high above 0.82.”
“HSBC economist Qu remarked that price contraction deepened, and coupled with weaker economic activity, stronger disinflationary pressures warrant further monetary easing in the coming months.”
“Separately, a Chinese press report reiterated 2015 GDP target could be formally set at 7% and 2016 below 7%. In the property space, a research note out of China Academy of Social Sciences (CASS) forecasted 2015 property price decline of another 5%.”