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China: Caixin manufacturing PMI, risks are on to the downside – BBH

FXStreet (Delhi) – Research Team at BBH, suggest tgat China’s Caixin flash manufacturing PMI will be reported on Wednesday and while the consensus is 47.5 vs. 47.3 final in August, but there are clearly downside risks.

Key Quotes

“This is the first snapshot for September, and comes after a generally soft August. We were surprised that the Fed put so much weight on global (that is, China) risks last week. As such, China data has become more important.”

“BBG consensus growth forecasts seem too optimistic. From ECFC page: 6.9% y/y for both Q3 and Q4 2015, followed by 6.8%, 6.7%, 6.6%, and 6.6% in each successive quarter for 2016. We think the risks are to the downside here.”

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