Manufacturers working in conjunction with China appeared much pleased this morning after several reports on Chinese PMI signaled solid bullishness in the Asian giant’s manufacturing sector. The core report on Chinese Manufacturing PMI showed an upward movement beyond the expected reading of 50.2, reaching 50.7 instead.
Adding to the bullishness surrounding China’s core PMI report, HSBC’s concurrent report on Final Manufacturing PMI also highlighted a solid uptick from 48.9 last month to 49.3 this month. After the recent passage of a lift on the US debt ceiling, Chinese markets appear poised for sharp gains considering the close interconnection between the two economic rivals’ national debt holdings.
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