Good morning! Happy 1 Feb & beautiful day in HK. So far Asian data is not so bad for January, which means we're starting 2021 on a brighter note (not all).
Korea rocked it w/ exports & PMIs accelerating. Taiwan too! Yes, techies winning again. While Malaysia & Thailand saggingβΉοΈ
Korea rocked it w/ exports & PMIs accelerating. Taiwan too! Yes, techies winning again. While Malaysia & Thailand saggingβΉοΈ
China Caixin out at 945 & markets expect some deceleration. Indonesia CPI is also out at noon. Key today is India's budget at 130pm HKT: People expect fiscal prudent (fiscal deficit narrowing but mostly on nominal GDP ). Let's see what India comes up with but no big bang je pense
Let's check how the global vaccine effort is going (our recovery is hinged on this as suppression measures are getting worse not better unless we can achieve this).
The US, esp CA, is getting better & using up 63.8% of total supply so things are kicking up a gear! ππ»
The US, esp CA, is getting better & using up 63.8% of total supply so things are kicking up a gear! ππ»
Remember these vaccines require 2 dosages & here're the deets on how things are going! Israel top but UK is going fast! The US no bad either. Europe catching up but behind & so far scrambling to get more vaccines as running out (according to news)
Details of China January official manufacturing PMI: pace of growth slower & on every category & mostly for large & medium sized firms.
And here are details for services or non-manu: Note input prices are rising but new orders contracting. Employment not good either & declining.
Overall, official PMIs show sagging growth pace. Caixin in 5 mins likely to reflect that.
Overall, official PMIs show sagging growth pace. Caixin in 5 mins likely to reflect that.
Caixin manufacturing PMI slows more than expected to 51.5 (exp 52.6 & previous was 53). This mirrors official figures & shows that China growth at the start of 2021 is facing headwinds. Meaning, rates can't stay high & must accommodate softening growth trends.
Question:
Can rates stay high in China given slowing economic momentum in early January 2021 already? We also got a seasonal factor of Lunar New Year coming up as well.
Can rates stay high in China given slowing economic momentum in early January 2021 already? We also got a seasonal factor of Lunar New Year coming up as well.
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