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China Caixin PMI tips suddenly back into expansion
In June, Caixin's China manufacturing PMI surpassed expectations, giving hope that the world's number two economy continues defying fears of a slowdown.
The private survey offered 50.4, thus marking a three-month peak. Well, it leapt from May's result of 49.6 that appeared to be an 11-month minimum and outclassed a Reuters survey forecast for 49.5.
Levels above 50 point to expansion, while levels below 50 traditionally stand for contraction.
The Caixin PMI usually focuses on smaller companies, while the official data deals with larger ones, in particular state-owned companies.
The soar was bolstered by stronger leaps in production as well as new orders. As for the June Caixin PMI, it didn’t happen to be all positive, especially considering that the publication telling the optimism toward the business outlook hit its lowest value this year.
However, the improved data provided confirmation of the official PMI figures, issued on Friday that showed that in June manufacturing activity stepped up more than expected.
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
PMI reports from the EU, the UK, and the USA will be released during the day!
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
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