24 May 2013
Flash: Chinese MNI flash business sentiment indicator drops in May - Nomura
FXstreet.com (Barcelona) - Nomura economist Zhiwei Zhang notes that the MNI China flash business sentiment indicator fell to 57.1 in May from 58.5 in April, a drop that is smaller than the historical average of 2.1 percentage points from April to May.
He writes, “New orders fell to 56.5 in May from 58.2 in April, and production to 54.3 from 57.3. Both the HSBC PMI and MNI indicator have a strong correlation with the official PMI. With both the flash numbers released, we expect the official PMI (released on Saturday 1 June) to fall to 49.0 in May from 50.6 in April.”
He writes, “New orders fell to 56.5 in May from 58.2 in April, and production to 54.3 from 57.3. Both the HSBC PMI and MNI indicator have a strong correlation with the official PMI. With both the flash numbers released, we expect the official PMI (released on Saturday 1 June) to fall to 49.0 in May from 50.6 in April.”