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There are several things I keep an eye on, and one is Chinese growth. The PMI numbers just came out and Chinese officials have to be happy that their mix of “drip stimulus” is working. No need for global investors to worry
China’s latest official activity survey was a snoozer, which is good news against the backdrop of escalating trade tensions. The manufacturing Purchasing Managers Index (PMI) is still on the slightly weak side, but rebounded a bit more than expected in September (to 49.8). Services PMI continue to rock, well in the expansion zone at 53.7.
Interest rates for private companies are still painfully high when compared to state-owned enterprises; this continues to pose a longer-term structural headwind to growth but is nothing new.
The link to the updated charts is here if you want to put the data in context.
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