China’s May PMI pick up, but economy still signals slowdown
Analysts commented that despite the pick up in manufacturing, the latest data showed that foreign demand remained stagnant, suggesting that the government may need to adopt additional monetary easing in the upcoming months or make further rate cuts to prevent a steeper slowing in economy.
A separate manufacturing PMI compiled by HSBC and Markit Economics, meanwhile, edged up to a reading of 49.2 in May from April’s reading of 49.1. Any figure below 50 indicates a contraction.
In the first quarter, Chinese economic growth slowed to six year low of 7% after expanding 7.4% in 2014 due to a weak housing market and a slowdown in exports, domestic investment and consumption.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- PET prices weaken further in Asia and Mediterranean
- Vietnam PP market yet to respond to faltering upturn in China
- Turkey’s PE market stuck between weak fundamentals and up pressure from China
- Firming PP trend falters in China’s local market
- European players question if bottom is near for PE
- Asian ABS players turn cautious after recent rally
- July PVC dealt lower in Europe, what lies ahead for August?
- China’s Jan-May total polymer imports hit a record of nearly two decades
- India’s local PVC market soars to 6-month high after customs hike
- China’s export PET market faces correction after rising 10% from two-year-low