Analysts at TD Securities note that China’s Caixin services PMI rose to 53.5 (mkt 51.2) in November from 51.1 in October, marking its highest reading since April and echoes the better than forecast manufacturing PMIs.
“Taken together, this resulted in the composite PMI rising to 53.2 from 52.0 previously. The details revealed a slight fall in the employment component to 51 from 51.1 previously. Overall good news, highlighting that China's service sector continues to expand. However, it is doubtful that this will outweigh the impact of the steady drumbeat of negative trade news, leaving CNH on the backfoot.”
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