The services and composite PMI from Caixin in China will wrap up the April PMIs from China. Earlier:
- China April 2024 Official Manufacturing PMI 50.4 (expected 50.3) Services 51.2 (exp 52.2)
- China April Caixin manufacturing PMI 51.4 (expected 51.0)
All solidly in expansion, the same is expected from the data today.
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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.
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From Australia we have the first indication of April monthly inflation data. The official (March and Q1) CPI data from Australia we had published a couple of weeks ago confirmed sticky high levels that’ll ensure the RBA remains on hold for many months to come.
The RBA meet today and tomorrow, previews:
- RBA meeting next week – preview – Cash rate to remain unchanged
This article was written by Eamonn Sheridan at www.forexlive.com.
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