Economic calendar in Asia 01 November 2024 – China manufacturing PMI due (the 2nd one)

Another PMI from China is due today. The Caixin Manufacturing PMI for October.

China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Caixin China PMI published by the media company Caixin and research firm Markit / S&P Global.

• The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China’s private sector.
• Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.
• Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.

Yesterday we had the official PMIs:

• China official PMI data: October Manufacturing 50.1 (expected 50.0)

The manufacturing PMI scraped into expansion at 50.1. The first expansion for six months. Happy days. Expectations are that the Caixin manufacturing PMI will remain in contraction. This is despite stimulus announcements from China hitting from late September, and that continued right through October. Stimulus announcements should continue once the People’s Congress rubber stamps a few more:

• China vice fin min says further stimulus details after National People’s Congress session

• This snapshot from the ForexLive economic data calendar, access it here.
• The times in the left-most column are GMT.
• The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
• I’ve noted data for New Zealand and Australia with text as the similarity of the little flags can sometimes be confusing.

This article was written by Eamonn Sheridan at www.forexlive.com.