China Flash PMI Plummets As New Export Orders Collapse To Lehman Lows!
- China Flash PMI Plummets As New Export Orders Collapse To Lehman Lows!
by Tyler Durden, www.zerohedge.com
It was the best of times (US equities); it was the worst of times (the world’s growth engine – China). HSBC-Markit just announced the Flash PMI for August and it’s not pretty – printing at a nine-month low (47.8 vs 49.3 in July). Of course, China’s own version remains in the Schrodinger-like >50-expansion state for now but with all 11 sub-indices in this evening’s data pointing to weakness, we suspect not even the Chinese can sell that data for much longer. So what next – RRR? Massive stimulus? – don’t hold your breath given the recent reverse repos and the already creeping-inflation in food and energy prices. The piece-de-resistance of the data-dump though has to be (in line with Japan’s trade data last night) is the New Export Orders slumped to 44.7 – lowest since March 2009 when trade finance collapsed post-Lehman. China Flash PMI lowest in 9 months – almost back to 2009 lows…
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