real-time news and commentary for investors
Thursday, Oct 3
More on China services PMI
- The reading of 55.4 represents a six-month high and contrasts with lower-than-expected manufacturing PMI surveys.
- The gauges for new orders, retail spending and the logistics industry index grew, while tourist numbers for this week's Chinese holiday increased as well.
- "The rising service PMI suggests that the recovery in Q313 was quite broad based," says Bank of America's Lu Ting. The "robust" service sector indicates that the chances of a hard landing are low. (previous)
- The services PMI has helped boost sentiment in Hong Kong (EWH), where the Hang Seng is +0.8%.
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