Emerging Market Equities: Will China Lead the Way?

prieur du plessis Prieur du Plessis submits:

Markit released the Flash HSBC China Manufacturing PMI for February based on 85% to 90% of responses this (Monday) morning. The flash estimate came in at 51.5 compared to the final 54.5 in January, as a result of a combination of seasonal factors as well as quantitative tightening.

Wow, what a drop! That will surely be negative for equity markets and especially the Shanghai Composite Index? No, not necessarily. The manufacturing PMI reading per the official CFLP survey in January dropped from 53.9 in December to 52.9. Conversely, the HSBC surveys January PMI picked up to 54.5 compared to Decembers 54.4. According to the CFLP survey the drop in January


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