The monthly PMI reports aren’t off to a good start here. China’s Flash PMI came in at 47.8, which is a minor improvement over last month, but still in contraction range. HSBC has more details:
Flash China Manufacturing PMI™ at 47.8 (47.6 in August). 2-month high.
Flash China Manufacturing Output Index at 47.0 (48.2 in August). 10-month low.
The HSBC Flash China Manufacturing Purchasing Managers’ Index™ (PMI™) is published on a monthly
basis approximately one week before final PMI data are released, making the HSBC PMI the earliest available indicator of manufacturing sector operating conditions in China. The estimate is typically based on approximately 85%–90% of total PMI survey responses each month and is designed to provide an accurate indication of the final PMI data.”
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.