November 23, 2011
China’s Flash PMI number was released and it was not a good one. Readings under 50 are considered to be in the contraction zone and the 48 was clearly a level for concern. Much of the recent tightening to tame the inflation monster is to blame, but the slowdown in European demand (one of China’s biggest trading partners) has to be having a serious affect as well.
Of course reports on this has to come with the obligatory note that this reading provides for more ammunition for additional stimulus. Yet, there has been no indication from China’s leaders that additional stimulus is Read more