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Analysts at Danske Bank note that the Chinese Caixin index rose to 54.1, driven by the non-manufacturing component.

Key Quotes

“More importantly, the manufacturing component declined to 50.8, a level not observed in more than six months. In particular, the new export orders fell most in more than two years as US-China trade frictions are weighing on purchase managers. The manufacturing PMIs are likely to stay somewhat subdued given a deal seems unlikely before well into 2019.”