Good News for China, Bad for the Rest
· Asian shares reversed early losses today as an unexpected bounce in Chinese manufacturing PMI offset some negativity cast by a Bloomberg news report that raised doubts over whether the United States and China can reach a long-term trade deal.
· OPEC production has shown that Saudi Arabia has actually produced more oil than what was expected, which, despite the zero production of Iraq, could put some downwards pressure to the oil price.
· Australia’s housing credit rose yesterday, while building permits remained stable, as private sector credit grew by less than expected. Today, the manufacturing PMI reads exactly 50.0, shunning away any improvement forecasts, as the commodity price index also dropped by a whopping 4.2%.
· Korea is still deeply hurt by the trade war, as imports and exports continue to decline by double digits on a y/y basis. The slump grew to -14.7% for exports, as the manufacturing PMI dropped below 50 and y/y inflation is at 0%.
· Russian manufacturing remained below 50, at 47.2, although registering an improvement from the 46.3 reading last month.
Up and Coming
· In Switzerland, retail sales and inflation should show whether the country will be faced with the hard realities of too much export reliance.
· Hong Kong retail sales should still come out negative and the question is whether they can actually come lower than the -23% reading last month.
· It’s that day of the month for the US, when NFPs are released and earnings, unemployment, and participation rate fill in the picture. An hour later, the US manufacturing PMI will also be released.
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