Economic calendar in Asia Tuesday, December 31, 2024 – China official December PMIs due

The official PMIs from China’s National Bureau of Statistics (NBS) will be published today. I’ve referred to ‘green shoots’ beginning, tentatively, to show for the Chinese economy. PMIs have been key to this. In H2 of 2024 manufacturing has improved, slowly, while services have held in expansion.

Manufacturing PMI:

• July 2024: 49.4, indicating contraction in manufacturing activity. Production expanded slightly (50.1), but new orders fell (49.3).
• August 2024: Remained at 49.4, continuing contraction as challenges persisted in the sector.
• September 2024: Rose to 49.8, showing a slower pace of contraction. Output grew the most in five months.
• October 2024: Increased to 50.1, crossing into expansion territory for the first time in six months, reflecting initial impacts of fiscal stimulus.
• November 2024: Improved further to 50.3, showing modest expansion with strengthening domestic demand.

Non-Manufacturing (Services) PMI:

• July 2024: 51.5, indicating expansion in services, though at a slower pace.
• August 2024: Declined to 51.0, still expanding but with reduced momentum.
• September 2024: Decreased to 50.0, marking stagnation in the sector.
• October 2024: Edged up slightly to 50.2, suggesting mild recovery.
• November 2024: Held steady at 50.0, showing stable but subdued performance.

Both manufacturing and services are expected to hold in expansion in today’s data. While not shown on the calendar, the Composite PMI is also expected to hold in expansion. It was 50.8 in November.

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Also not shown on the calendar are the December data expectations and priors for Australian Financial Aggregates, AKA Private Sector Credit data.

The Reserve Bank of Australia (RBA) typically releases its Financial Aggregates data on the last business day of each month at 11:30 am Australian Eastern Standard Time (AEST). Thus, the December 2024 figures should be published today Tuesday, 31 December 2024.

However, due to the holiday period, there may be adjustments to the publication schedule. For instance, the November 2024 Financial Aggregates were released earlier than usual on Friday, 20 December 2024. As of now, I’ve found no indication of a change for the December release. So, I am expecting the December 2024 Financial Aggregates to be published on 31 December 2024 at 11:30 am AEST.

• 0030 GMT, 1930 US Eastern time

• 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.

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