China’s Flash reading on the PMI has been released, here the higlights of the report by Markit Economics
• Flash China Manufacturing PMI™ at 49.2 in April (49.6 in March). 12-month low.
• Flash China Manufacturing Output Index at 50.4 in April (51.3 in March). Three-month low.
Commenting on the Flash China Manufacturing PMI survey, Annabel Fiddes, Economist at Markit said: “Operating conditions in China’s manufacturing sector deteriorated slightly for the second month running in April, with the flash reading of the PMI falling to a oneyear low. “Production increased only marginally, while total new business declined for the second successive month. Relatively weak demand conditions were also highlighted by stronger deflationary pressures in the sector, with both input and output prices falling at faster rates. Meanwhile, job shedding across manufacturing firms was recorded for the eighteenth month in a row. “On a brighter note, demand from overseas improved in April, with new export work rising for the first time in three months.”