Over the weekend, the Chinese Federation of Logistics and Purchasing released December’s official PMI reading, which came in at 50.3, improving from the 49 reading in November and besting the forecast call for a reading of 49.1. The sub-index for new orders increased to 49.8 from 47.8, while new orders for export increased to 48.6 from 45.6. The HSBC Manufacturing PMI, released by Markit Economics ahead of the CFLP data, came in at 48.7 in December, up from the 47.7 November read. The “official” reading primarily focuses on larger state-owned enterprises, whereas the focus on the HSBC reading is smaller, privately-held entities. Read more
