These are the official China PMIs for the month, from the country’s National Bureau of Statistics.
Manufacturing 52.1 big beat and at its highest since September 2017
- expected 51.5, prior 51.4
Non-manufacturing 56.4 also for a beat, expanded for the ninth straight month, best since June 2012
- expected 56.0, prior 56.2
Composite 55.7
- prior 55.3
Via Citi:
- overall production should carry on the momentum
- export orders were most likely still robust ahead of Western holiday seasons, and domestic demand may continue to hold up
(Citi comments from a pre-releases note)