China's PMI Improvement May not be Sign of Economic Recovery
Dow Jones
Oct 01
0229 GMT - China's September PMI improvement was largely seasonal rather than a sign of a real economic recovery, particularly for domestic demand, Nomura analysts say in a note. They added that manufacturing PMI was in line with the bank's estimate, while the non-manufacturing PMI beat its expectations. Nomura sees a limited growth rebound in 3Q from 2Q and maintains its below-consensus 3Q GDP growth forecast of 4.3% on year. Other economists have noted that improvement in the PMI was helped by gains in construction activity mainly due to fading typhoon disruptions.
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