China PMI on the data agenda today – another disappointment?

The offical May PMIs for China are here, manufacturing dropped back into contraction:

• China May 2024 Official Manufacturing PMI 49.5 (expected 50.5)
• More on the disappointing China manufacturing PMI for May – fell back into contraction

Credit Agricole’s chief China economist spoke with Bloomberg TV after the official PMI’s on Friday:

• is quite disappointing
• definitely is to the very low end of the forecasts
• after the initial very significant equity market rally that we have seen in the past months people need to see more of the data evidence on whether China’s macro fundamentals are indeed turning around and the PMI definitely is not helping

We get another manufacturing PMI from China today:

• Economic calendar in Asia – Monday, 3 June 2024 – PMI from China

This article was written by Eamonn Sheridan at www.forexlive.com.