All around Asia, PMIs are tumbling. The last few days saw a number of nations' manufacturing PMIs drop with the notable miraculous surge in China (at 2014 highs). Tonight saw the Services PMI side also tumbling with Australia first (at 2014 lows) and Japan fade back to 49 for its 3rd month in contraction. But (unlike the manufacturing side) China 'official' Services PMI faded from its rebound (55 vs 55.5). The drop in Services PMI makes some sense given the 8-month lows in employment indices within the manufacturing PMIs... But then the baffle 'em with total bullshit brigade arrived as Markit/HSBC unveiled their version of Services PMI which jumped to 53.1 - its biggest MoM on record - makes perefect sense.
Every other PMI measure dropped... even China's official Services PMI... but HSBC/Markit soared by its most on record!!
Need moar made up data, stat!!!
Perhaps realizing how just over-zealously exuberanty this data was, Markit says...
Service sector firms were generally optimistic towards the 12-month business outlook in June.
That said, the degree of positive sentiment remained historically weak, despite improving upon May’s 11-month low