This is a really big week for data, below is what we’re looking at so far. Let’s eat our vegetables first.
Bad Data:
- Yesterday’s Australia Manufacturing Index for January came in at 45.4, down from 48.3, below 50 denotes contraction.
- South Korea’s Manufacturing PMI for January came in at 48.8, vs expectations of 49.3, below 50 denotes contraction.
- Chinese Industrial Profits for December plunged 6.30% year-over-year, and that was before coronavirus.
- China’s Caixin Manufacturing PMI for January came in at 51.1, down from 51.5, but still above 50.
- Spain’s Manufacturing PMI for January came in at 48.5, down from 47.4, below 50 denotes contraction.
- Hong Kong GDP for Q4 came in at -3.0%.
- South Africa Manufacturing PMI for January came in at 45.2, down from 47.1
- U.S. Manufacturing PMI for January came in at 51.9, down from 52.4, but still above 50.
Now the better-tasting stuff.
Good Data:
- India’s Manufacturing PMI for January came in at 55.3, up from 52.7.
- Italian Manufacturing PMI for January came in at 48.9, up from 46.2, but still in contraction mode.
- French Manufacturing PMI for January came in at 51.1, up from 51.0.
- German Manufacturing PMI for January came in at 45.3, up from 43.7, but still in contraction mode.
- Eurozone Manufacturing PMI for January came in at 47.9, up from 46.3, but still in contraction mode.
- UK Manufacturing PMI for January came in at 50.0, up from 47.5.
- Brazil Manufacturing PMI for January came in at 51.0, up from 50.2
- Singapore Manufacturing PMI for January came in at 50.3, up from 50.1.
- Canada Manufacturing PMI for January came in at 50.6, up from 50.4
- US ISM Manufacturing Index for January came in at 50.9, up from 47.8.
Thus far — amid a veritable avalanche of global monetary stimulus — the latest data continue to paint a very mixed picture. Although, I have to say that the US ISM data (albeit barely back in expansion mode) is an unambiguous positive!