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China's HSBC PMI offers no surprises from Oct flash
FXStreet (Bali) - China's HSBC Manufacturing PMI came at 50.4 in October, unchanged from earlier flash reading, and 0.2 bp above 50.2 last month.
Commenting on the China Manufacturing PMI™ survey, Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research at HSBC said:
"The HSBC China Manufacturing PMI rose to 50.4 in the final reading for October, up from 50.2 in September, and unchanged from the flash reading released earlier. Compared to the flash readings, the new orders and new export orders sub-indices saw small downward revisions, but both remained in expansion territory."
"Meanwhile, the employment and inventory sub-indices saw small upward revisions. Overall, the manufacturing sector continued to stabilize in October, however the sequential momentum likely weakened. The economy still shows clear signs of insufficient effective demand. We still see uncertainties, given the property downturn as well as the slow pace of global recovery, and expect further monetary and fiscal easing measures in the months ahead.”
