China official PMIs: Manufacturing 47.0 (vs. prior 48.0) & Services 41.6 (prior 46.7)

December PMI from the China National Bureau of Statistics (NBS) and China Federation of Logistics and Purchasing (CFLP). Manufacturing 7.0 before 8.0 Services 1.6 before 6.7 Composite 2.6 before 7.1 Renewed with COVID-19 epidemic in fast moving China. While widespread lockdowns are a thing of the past, self-imposed isolation and disease have affected China’s economy as workers stay at home and others (extremists) avoid going out. Look at the services PMI, 1.6 is deeply contractionary. Dining out, shopping, personal services and more – all suffering. Although this set of results is not positive for Chinese business, Chinese brokerage (such as the AUD), oil and other commodities, it is not a surprise for traders or markets. We have all seen how the virus is spreading in China despite being downplayed by the official Chinese media, and how it is affecting economic activity. The Chinese deserve better, hopefully it will be good for them soon. – Please note that the main currency centers in Asia are closed on Mondays. markets from Japan, Singapore, Hong Kong, Australia and New Zealand are all closed. China will also be released on Monday. – Happy New Year everyone – catch you Tuesday morning Asian time!

Ethan Andrews

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