External broker reports(aggregated public sources), ABN AMRO

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External broker reports(aggregated public sources)

Macroeconomics

<div data-component-type="rich-text"><ul><li>China’s May PMIs published over the past few days show that the escalation of the trade war with the US during April is still having an effect on activity and sentiment, despite the truce reached in Geneva on 12 May. </li><li>To start on the manufacturing side: this morning Caixin’s manufacturing PMI came in much weaker than expected at 48.3 (April: 50.4, consensus: 50.7), the weakest reading since September 2022. </li><li>By contrast, the official manufacturing PMI published by NBS last Saturday showed an improvement, in line with expectations, climbing to 49.5 (April: 49.0, consensus: 49.5), although staying below the neutral 50 mark separating expansion from contraction. </li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China’s May PMIs published over the past few days show that the escalation of the trade war with the US during April is still having an effect on activity and sentiment, despite the truce reached in Geneva on 12 May. To start on the manufacturing side: this morning Caixin’s manufacturing PMI came in much weaker than expected at 48.3 (April: 50.4, consensus: 50.7), the weakest reading since September 2022. By contrast, the official manufacturing PMI published by NBS last Saturday showed an improvement, in line with expectations, climbing to 49.5 (April: 49.0, consensus: 49.5), although staying below the neutral 50 mark separating expansion from contraction. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China - May PMIs reminder of high tariffs