Chinese Manufacturing PMI missed expectations, printing a contractionary 49.1 (against 49.3 expectations) for the 3rd month in a row. While this was a small pick up from last month’s 48.9 print, it hardly signals ‘success’ for the various easing efforts unleashed upon an all-knowing investing public. After yesterday’s weakness in Chinese stocks, one would think a disappointing PMI was just the ticket to send investors wild with buying in anticipation of more easing, but now, Chinese stocks have erased early modest gains and are fading back...
a 3rd month of contraction in Chinese manufacturing PMI…
The result – an odd selloff on bad news…
