I would normally post the full results from the PMI reports, but the data is mixed this evening with China’s two PMI reports coming in with different readings (via Marketwatch):
“Chinese manufacturing activity remained stuck in contraction in January, according to HSBC’s Purchasing Managers’ Index released Wednesday, putting the survey results at odds with an official Chinese gauge released earlier in the day. The HSBC survey’s final print on China’s PMI came in at 48.8, unchanged from a preliminary reading released last month and a little ahead of HSBC’s December measure at 48.7. But the PMI reading was still below the threshold of 50, which separates expansion and contraction. The data also differed from a China Federation of Logistics & Purchasing survey, which earlier Wednesday put the country’s PMI reading for January at 50.5, rising from December’s 50.3 and surprising analysts who had estimated the official gauge to drop to 49.5.”
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.