China – manufacturing PMI down again
Without effective property policy, there is still a mildly positive macro story, based on a rebound in PPI, and stronger exports. The PMI offers support for the first, but not the second.
![China – manufacturing PMI down again](/content/images/size/w2000/2024/05/Screenshot-2024-05-31-at-11.02.09-AM.png)
Without effective property policy, there is still a mildly positive macro story, based on a rebound in PPI, and stronger exports. The PMI offers support for the first, but not the second.