It was a busier morning on the Asian economic calendar. While investors considered stats from New Zealand and Australia from earlier in the session, economic indicators from China proved influential. The China manufacturing sector was in focus this morning.
The Caixin Manufacturing PMI fell from 50.0 to 49.5 in April versus a forecasted 50.3. A modest contraction was palatable following the NBS private sector PMI numbers.
According to the April Survey,
- Firms reported a modest increase in output, while a fall in new orders weighed.
- New orders fell for the first time in three months, with weak consumer spending contributing to the decline.
- Significantly, domestic demand was softer.
- Manufacturers…
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