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China's Manufacturing PMI at a seven-month low

Tuesday, Mar 01 2016
China’s factory gauge extended its stretch of deteriorating conditions to a record seven months while a measure of services fell to the weakest in seven years, underscoring the challenge for policy makers as they seek to cut overcapacity in manufacturing without derailing growth.
The manufacturing purchasing managers index dropped to 49 in February, missing the median estimate of 49.4 in a Bloomberg News survey of economists. It hasn’t been weaker since January 2009. Numbers below 50 indicate conditions worsened. In a sign China’s slowdown is spreading, the non-manufacturing PMI -- which has been outperforming the factory measure -- fell to the lowest level since December 2008. 
 
Still, the services gauge slipped to 52.7 in February, from 53.5 in January. Measures of new orders, selling prices, employment, backlogs and inventories were below the 50 dividing line between improving and worsening conditions. A separate manufacturing reading from Caixin Media and Markit Economics fell to 48 in February, from 48.4 in January. On the official manufacturing measure, the new orders, employment and purchasing quantity components slipped.
 
Aussie is currently being traded around 0.7150 area. Pair is likely to find support around 0.7080 handle and resistance above 0.7180 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.
 
Source: Bloomberg.com
Last modified on Tuesday, 01 March 2016
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