Market loves the "big progress" tweet. Meanwhile, copper is in retreat and China's PMI just hit a contractionary three-year low print of 49.4 in Dec as growth weakens to a 28-year low.
— David Rosenberg (@EconguyRosie) December 31, 2018
CHINA
NBS (official) M.PMI drops to 49.4
• 34M low
• -0.6 M/M
• -2.2 Y/Y…makes me thinking: if the "official" number already < 50 and that's most likely fake, oh-oh…
anyway, Caixin will be < 50 too I assume
GDP will slow to fake +6.4% ? pic.twitter.com/xEmJ171e0e
— Kai Pflughaupt 🌐 (@MacroTechnicals) December 31, 2018
The last time #China's Manufacturing #PMI fell below 50, the Chinese government provided significant stimulus, which send both the PMI and MSCI World Index sharply higher. pic.twitter.com/sOuk3SP35u
— jeroen blokland (@jsblokland) December 31, 2018