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Daily Insights 

September 1, 2015

China NBS PMI at 3-year low; RBA keeps cash rate unchanged

  • Weak data in EM Asia weighed on regional equity markets. European equities are down by 1-3% with core indices such as the DAX and Eurostoxx leading the sell-off. This follows on from weakness in Asian equities Topix (-3.8%), SHCOMP (-1.2%) and KOSPI (-1.4%). Chinese B shares underperformed significantly, down 4.4%. In FX, the USD weakened against regional currencies, with USDJPY falling 1.3% while weakness in TWD and KRW were pared back later in the Asia session. China’s NBS manufacturing PMI fell to a three-year low of 49.7 (cf: 49.7) in August from 50.0 in July – the key drivers were declines in production and new orders. In Korea, August customs exports were weak, and we now expect the BoK to cut rates in Q4 and look for its first hike in Q3 16 rather than in Q1 16. In Japan, capex was weaker than expected. Q2 capital spending slowed to 5.6% yy vs. 7.3% in Q1 and c.f. 8.8%.
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