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23 Sep 2014
China HSBC PMI eyed - Westpac
FXStreet (Bali) - Asia’s calendar is dominated by the ‘flash’ Sep reading on the China manufacturing PMI from HSBC/Markit at 11:45am Syd/9:45am local, notes Sean Callow, FX Strategist at Westpac.
Key Quotes
"Asia’s calendar is dominated by the ‘flash’ Sep reading on the China manufacturing PMI from HSBC/Markit at 11:45am Syd/9:45am local. This series bounced to 51.7 in July, in what was a false signal of improving output growth. It slipped back to 50.2 in August, with the median forecast 50.0 for Sep. Surely the risks are for a 49 handle given the headline index printed below 50 from Jan to May 2014 when actual activity was clearly firmer."
"Various advance Sep European PMIs from Markit are also due, starting with France at 5pm Syd/3pm Sing/HK then Germany 30 minutes later. The overall Eurozone index should split the difference between soft France and strong Germany, seen at 50.6 for manufacturing and 53.0 for services."
"In the US we will see the Sep Richmond Fed manufacturing index, expected to be a touch weaker at +10. There are several Fed speakers at a community banking conference i.e. little risk of market-moving comment. Later in the NY session Minneapolis Fed’s Kocherlakota holds a town hall forum. He has become the most openly dovish Fed member."
Key Quotes
"Asia’s calendar is dominated by the ‘flash’ Sep reading on the China manufacturing PMI from HSBC/Markit at 11:45am Syd/9:45am local. This series bounced to 51.7 in July, in what was a false signal of improving output growth. It slipped back to 50.2 in August, with the median forecast 50.0 for Sep. Surely the risks are for a 49 handle given the headline index printed below 50 from Jan to May 2014 when actual activity was clearly firmer."
"Various advance Sep European PMIs from Markit are also due, starting with France at 5pm Syd/3pm Sing/HK then Germany 30 minutes later. The overall Eurozone index should split the difference between soft France and strong Germany, seen at 50.6 for manufacturing and 53.0 for services."
"In the US we will see the Sep Richmond Fed manufacturing index, expected to be a touch weaker at +10. There are several Fed speakers at a community banking conference i.e. little risk of market-moving comment. Later in the NY session Minneapolis Fed’s Kocherlakota holds a town hall forum. He has become the most openly dovish Fed member."