PMI – læs hele meddelelsen her:
“The Caixin China General Manufacturing PMI fell further to
48.3 in January, the lowest since February 2016.
“The subindex for new orders dipped further into contractionary
territory, pointing to a moderate contraction in demand across
the manufacturing sector. Yet the gauge for new export orders
rose notably above the 50 level, the dividing line that separates
contraction from expansion, reaching its highest point since
March 2018, showing that companies’ export orders have
obviously rebounded since the truce in the China-U.S. trade
war.
“The output subindex dropped, highlighting the drag effect of
softer demand on production. The employment subindex
continued to rise moderately despite staying in negative
territory, which could be due to the effect of government
policies to stabilize the job market. The measure for stocks of
finished goods fell into contractionary territory, while the
subindex for stocks of purchased items dropped further,
suggesting that manufacturers tended to reduce their
inventories.
The subindex for suppliers’ delivery times returned
to negative territory, indicating that pressure on capital turnover,
though less than in the months before December, still existed.
“Both gauges for input costs and output charges dropped only
slightly. While companies have reduced their inventories,
prices of domestic industrial products have since the start of
the month recovered some of the losses seen in December.
We expect that year-on-year growth in the producer price index
is likely to slide closer to zero.
“On the whole, countercyclical economic policy hasn’t had a
significant effect. While domestic manufacturing demand
shrank, external demand turned positive and became a bright
spot amid positive progress in Sino-U.S. trade talks. As
companies were more willing to reduce their inventories, their
output declined, indicating notable downward pressure on
China’s economy. China is likely to launch more fiscal and
monetary measures and speed up their implementation. Yet
the stance of stabilizing leverage and strict regulation hasn’t
changed, which means the weakening trend of China’s
economy will continue.
