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China PMI Rises But Misses Expectations For Fifth Month In A Row As Uncertainty Prevails

Tyler Durden's picture




 

China's Manufacturing PMI missed expectations, coming in at 50.6 relative to a slightly expansionary 50.8 expectation, and up down from the 50.2 prior. This is the fifth month in a row of missed expectations but it has now risen for three months in a row, to the highest level in 8 months; but has now hovered within 0.6pts of the expansion/contraction knife-edge for six months. The NBS's index remains above (more positive) than the HSBC version for the 20th month in the last 21 (which remains in the contractionary sub-50 range it has been in for 16 months). With the Shanghai Composite testing Jan 09 lows and the ongoing Reverse Repo delicate bank pumpathon, the relative stabilization in Services and Manufacturing PMIs is confirmed by this evening's data and provides hope for those bidding H-Shares to 16-month highs. Interestingly for all those who remain shocked at the divergence between the Hang-Seng and the Shanghai Composite, it seems clear that A-Shares investors remain skeptical of the PMI-based stabilization of macro and prefer to trust the weaker (and harder to tweak) Industrial Output data.

Employment and Input Prices sub-indices fell. New Orders rose modestly but it seems like this month's pickup was as much about picking up the slack from last month's backlog than new business.

 

5 months in a row of missed expectations - but 3 months of expansion...

 

but remains above the HSBC index...

 

SHCOMP vs Industrial Production vs Hang Seng

 

Charts: Bloomberg

 

Thought for the night... YUM vs SHCOMP...

 

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Fri, 11/30/2012 - 21:13 | 3025611 dumpster
dumpster's picture

trying to guage a market in china is like trying to count the lint in your naval.

as if any one know shit about china and its doings .

pin the tail on a dumb letter writer donkey

Fri, 11/30/2012 - 22:54 | 3025779 Jack Burton
Jack Burton's picture

Yes "dumpster", how does anyone know what these figures mean. How real are they, how many communist party officials are sending in reports to make themselves look good while hiding lies and corruption on a vast scale?

No sensible person would believe economic data coming from the lower party officials on up to the high party functionaries. It could all be manipulated crap. Just like most of the manipulated figures coming from the USA government. Like our unemployment numbers. Clearly lies, but taken as real by markets and media.

Fri, 11/30/2012 - 21:28 | 3025618 Yen Cross
Yen Cross's picture

Baltic Dry and SSE Composite are in the shitter!  Yes, we all know the HSBC ( Heng Seng) is ramped up like the PONZI DAX!

    16 points on a (SSE) trade that is mid 90's levels? China just dumped a boat load of money into the rail system last week!

   Ghost trains to ghost cities!

 

Fri, 11/30/2012 - 21:31 | 3025644 Itch
Itch's picture

...

Fri, 11/30/2012 - 21:19 | 3025624 BlueCollaredOne
BlueCollaredOne's picture

I love how the a strong percentage of the US thinks that China is somehow taking over the US. What these fuckers fail to understand is that the power structure of China meets with the power structure of North America once a year via the Bilderburg meeting.

Everything that is happening is planned. Both china and the us will fall into depression, and the government will be our saviors.

The Internet has made the world a lot smaller for people like us. We can connect to this website, and share our views with like minded awakened bitchez.

I argue that the internets is going to be our ultimate undoing. If there ever was a freedom movement that actually scared TPTB, they would simply trace all of our IP addresses and make sure our brakes were cut tomorrow morning. The citizens of ZH need to start thinking about how we are going to talk when we are no longer allowed to talk.

Fri, 11/30/2012 - 21:30 | 3025642 Itch
Itch's picture

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Fri, 11/30/2012 - 22:30 | 3025745 BlueCollaredOne
BlueCollaredOne's picture

.......

Fri, 11/30/2012 - 22:30 | 3025746 BlueCollaredOne
BlueCollaredOne's picture

.......

Fri, 11/30/2012 - 21:29 | 3025640 buzzsaw99
Fri, 11/30/2012 - 21:32 | 3025645 Itch
Itch's picture

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Fri, 11/30/2012 - 22:01 | 3025697 Yen Cross
Yen Cross's picture

That was cute buzz. Was it you that posted this clip ? Dwarf Tossing/ I still laugh over that one! And the Europeans call us crazy?

 Dwarf Toss "Midget Tossing" - YouTube

Fri, 11/30/2012 - 21:34 | 3025650 Global Hunter
Global Hunter's picture

Ahh, yes. so everything is OK and we're good to go!

 

Fri, 11/30/2012 - 21:50 | 3025680 Cursive
Cursive's picture

It's China.  They have ghost cities and houses that sit in the middle of 4 lane highways.  So, I'm not going to put much credence on these numbers.  How's the chart of electrical demand looking?

Fri, 11/30/2012 - 23:02 | 3025792 Jack Burton
Jack Burton's picture

Spain now has ghost cities and ghost housing estates. Ireland has begun to tear down some new housing estates built far from cities and jobs. Spain is doing the same as hundreds of thousands of homes were built for the rich British and northern Europeans who were all going to either retire to sunny Spain or own a vacation villa in sunny Spain. That clever idea has gone all to shit and the places are empty or the now poor Northerners are trying in desperation to off load their over priced Spanish villas to god knows who. Chinese maybe? Or Russian crime lords? Or maybe rich Afghan opium drug lords looking for vacation villas.

The world is full of rich criminals, Spain should court that market. Mexican drug lords could get safe houses in Spain cheap and not even need to learn a new language to live there.

The Spanish real estate brokers need to court the new potential buyers out there in the world of crime and drugs, the world's growth industry.

Pretty soon War Lords will spring up across former rich nations and they are also potential buyers. Them and the world's greatest crooks, liars and thieves, the Banker Class!

Sat, 12/01/2012 - 00:47 | 3025932 reader2010
reader2010's picture

China is building four carriers as we speak, and six more on the way in 2013-14. PMI is misleading right there. 

Sat, 12/01/2012 - 08:46 | 3026193 Samsonov
Samsonov's picture

Aircraft carriers?  Good, they'll finally be ready to fight imperial Japan.  Unfortunately for them, today those aircraft carriers are nothing more than juicy targets.

Sat, 12/01/2012 - 01:06 | 3025954 q99x2
q99x2's picture

Markets are going up like crazy on news of economic armegeddon. Financial markets are fake. Been completely rigged for over a year and corrupt for 4 years. Can't we talk about something else now?

Sat, 12/01/2012 - 01:16 | 3025959 Yen Cross
Yen Cross's picture

Negative 'ghost pilot'  This is exactly what we should be talking about!  I hate pain, just like you/

   I'm taking the medicine to move forward!

Sat, 12/01/2012 - 08:00 | 3026170 negative rates
negative rates's picture

Ahh Yes, the uncertainty of the soft landing, and picking the numbers.

Sat, 12/01/2012 - 08:44 | 3026192 orangegeek
orangegeek's picture

Ah the great economic savior of the planet  - the largest communist empire in history.  And the commies never lie because they are held accountable if they do - LMFAO.

 

I personally prefer this "China's big fat fucking debt" article - thx ZH.

 

http://www.zerohedge.com/news/2012-11-22/whither-china-end-extrapolation

 

In 1980, Russia was taking over the planet.  By 1990, Russia collapsed. 

Sat, 12/01/2012 - 15:04 | 3026582 BattlegroundEur...
BattlegroundEurope2011's picture

Our western govs. never lie to us do they.

Do NOT follow this link or you will be banned from the site!