China: Official manufacturing PMI to drop further to 51.1 in August - Nomura

Dhwani Mehta FXStreet

Analysts at Nomura offer key insights on the official August manufacturing and services PMIs from China will be released on Friday at 0100 GMT.

Key Quotes:

“We expect the official PMI to tick down further to 51.1 in August from 51.2 July.

Despite the historical average showing a 0.2 percentage point (pp) increase from July to August, high-frequency data have slowed: growth of coal consumption by six power plants was 2.9% y-o-y in August from 11.2% in July; growth of crude steel production fell to 4.2% from 5.6%, while the national blast furnace operation rate was 66.4% from 70.2%.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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