China: Manufacturing PMI dropped to 50.0 - TDS

Analysts at TD Securities note that the China’s November manufacturing PMI dropped to 50.0 vs mkt and prior at 50.2.

Key Quotes

“It was the lowest print since July 2016 and at 50 means activity within the sector stalled. New export orders remained below 50, suggesting uncertainty over tariffs continues to serve as a drag. Non-manufacturing PMI was soft as well at 53.4 (mkt 53.8) hitting the lowest level since August last year.”