Following New Zealand's biggest monthly plunge in consumer confidence in over 2 years, Japan's Manufacturing PMI surged to its highest since March at 52.5 (handily beating expectations of 51.5). Almost the entire suite of subindices were positive except JPY weakness-inspired margin compression as output prices tumbled and input prices surged. All of this in the face of collapsing and disappointing hard data. Meanwhile, China Manufacturing PMI plunged to 51.5, missing by the most on record, as China's apparent 'hard' data shows improvement. Perhaps it is time to recalibrate the seasonal magic in these PMIs...
New Zealand (like Australia) getting no help from China's recent PMI surge... biggest serial plunge in Confidence in over 3 years...
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Which fits with the plunge in China PMI... (Employment continued its over 2-year contraction) as new orders retreated and inflation slowed
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But then there is Japan's "miracle" survey...
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More Japan schizophrenia...
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Once again Soft survey data will be trumpeted over hard REAL data...
