'NBS PMI, HSBC Markit PMI, Flash PMI'……How many more PMI's does one country need? The China related PMI covered here for years has been called the ‘China PMI’ aka, NBS PMI. This weekend noted, ”The Bears will point to HSBC Markit # (smaller enterprises), which fell to 48.3 from 49.6. Where this one come from, really? Zerohedge?
The press debated more ‘mixed’ signals all weekend. To be honest can’t remember debating the 2 surveys here (ever), so the fact market didn't react to the HSBC, but instead to the substantial ’official’ beat was good to see, ”China PMI improved to 53.1 vs. 51(Feb.), consensus was 50.8. Increase to 54.3 in large enterprise PMI boosted this gov't number”.
All in (China), “This won't lift fog or resolve the near term growth scare outlook.”. A 3rd consecutive expansion PMI doesn’t take off the debate of hard or soft landing. More data points needed in the upcoming weeks.
Today, a steady 5hr melt up to afternoon highs of SP1422 on the heels of ‘better than expected”, US ISM. Although all the right groups led, it was once again a slow day. Anyone expecting March data to disappoint was hit with the ‘upside risk’ of better than expected data noted this weekend. New month, new Q but the same themes persist.