Analysts at Nomura note that the China’s Caixin PMI dropped by 0.1 percentage points (pp) to 51.0 in June, consistent with the decline in the official PMI released over the weekend.
Key Quotes
“As a result, the Caixin PMI averaged 51.1 in Q2, down from 51.4 in Q2.”
“By category, the output sub-index rose by 0.3pp to 52.1 in June. However, for the second quarter as a whole, the sub-index fell to 51.9 from 52.2 in Q1, suggesting a weakening in production momentum.”
“We believe the economy has yet to bottom out, and things will more likely get worse in coming months.”
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