- China is the factory to the world. China PMI figures are telling us that the world is in recession! Do not believe the recovery hype and BS statistics from the west!
Markets Losing Hope After China PMI Hits 7 Month Low!
by Tyler Durden, http://www.zerohedge.com/
HSBC’s Flash Manufacturing PMI printed at 48.1 – its lowest in 7 months as contraction continues in the world’s growth engine – as inventories rise at a faster rate and new export orders plunged at the fastest rate since March 2009. Risk markets were already leaking lower before this but extended losses with ES down 6pts from the close (and over 11 from the day’s highs). Treasuries are bleeding a little lower in yield but the real action is an exaggerated slide in WTI (which is rapidly heading towards a sub-$80 handle) and EURUSD which has dropped back to the day’s lows around 1.2660. Copper, Gold, and Silver are also sliding lower as AUD weakens (as we suggested last night) back to 1.0150.