Caixin China Services and Composites PMIs will close the April China PMIs. 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 expanding, we expect the same from today’s data.
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China has two main Purchasing Managers’ Index (PMI) surveys: the official PMI published by the National Bureau of Statistics (BES) and the Caixin China PMI published by the Caixin media company and research company Markit/S&P Global.
- The official PMI survey covers large companies and state-owned enterprises, while the Caixin PMI survey covers small and medium-sized companies. As a result, the Caixin PMI is considered a more reliable indicator of Chinese private sector performance.
- Another difference between the two surveys lies in their methodology. The Caixin PMI survey uses a larger sample of companies than the official survey.
- Despite these differences, the two surveys often provide similar results on the Chinese manufacturing sector.
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From Australia we have the first indication of April’s monthly inflation data. Australia’s official CPI data (March and Q1) that we released a few weeks ago confirmed persistently high levels that will ensure the RBA remains on hold for many months to come.
The RBA meets today and tomorrow, presents:
- 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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