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Analysts at the Royal Bank of Scotland, points out that China’s ‘official’ manufacturing PMI stayed inside contraction territory at 49.5 in August.

Key Quotes

“The alternative PMI told a slightly different story, rising back above the 50-mark. But sustaining that looks challenging. Export orders slipped further into the contraction zone as the trade war and weakening global growth continue to inflict pain. And there’s more to come.”

“A fresh dose of 15% tariffs on roughly $110bn of Chinese imports came into effect on 1 September. This latest round falls more squarely on consumer goods, including footwear, clothing and some technology products. Ouch.”