Analysts at TD Securities note that China’s Caixin PMI services index echoes the gains in the manufacturing index in November, but even more strongly at 53.8 (consensus 50.7) versus 50.8 in October.
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“The gains could have reflected hopes ahead of the recent Xi-Trump summit but also the stimulus measures that the government is putting into place. The outcome is the highest since June 18. Despite the stronger headline index the employment component worsened to 50.7 from 51.1 in Oct. Though this is less market moving than the manufacturing index, it will come as some relief for CNY.”
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