Seeking Alpha

China flash PMI beats estimates

  • The HSBC flash PMI for June rises to 50.8 from May's final read of 49.4. Expectations for the print were 49.7.
  • Both JPMorgan and Barclays boosted estimates for Q2 GDP growth after the number, JPMorgan to 7.2% from 6.8% and Barclays to 7.4% from 7.2%.
  • “It is a very good number,” says Credit Suisse's Dong Tao. “It is a surprise, too, as most people are focusing on infrastructure investment and the property market.” He nevertheless leaves his Q2 GDP growth forecast at 7.3%
  • Stocks were not buoyed by the news as Shanghai slipped 0.1% and Hong Kong 1.7%.
  • ETFs: FXI, EWH, PGJ, GXC, FXP, YINN, ASHR, YANG, MCHI, PEK, XPP, YAO, YXI, CHXX, CHXF, CHII, EWHS, FCHI, CN, FCA, KFYP, CHNA, FHK, KBA
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