China PMI Paints Stark Picture
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HSBC's Flash China PMI came in at 48.7, well below analyst expectations. HSBC PMI measures manufacturing in the private industry in China. A reading above 50 signals positive growth, but it has been seven months since China PMI hit those levels, causing concern that the slowdown in China is worse than they thought.
Many analysts are expecting a second quarter rebound as the Chinese Government reverses and eases monetary policy in an attempt to navigate a soft landing for the economy there, which has seen inflation in housing and other parts of the economy. So far the rebound hasn't materialized.
Equities in China were down after the PMI data was released. iShares FTSE China ETF (NYSE: FXI) is expected to open lower on Thursday morning.
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Many analysts are expecting a second quarter rebound as the Chinese Government reverses and eases monetary policy in an attempt to navigate a soft landing for the economy there, which has seen inflation in housing and other parts of the economy. So far the rebound hasn't materialized.
Equities in China were down after the PMI data was released. iShares FTSE China ETF (NYSE: FXI) is expected to open lower on Thursday morning.
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