China's August HSBC PMI declines to 47.6 from 49.3 in July and from the flash estimate of 47.8. It's the lowest print since the dark days of March 2009. The number falls into the "so bad it's good" category, with Shanghai, Hong Kong, and Sydney all reversing early losses to turn higher as thoughts turn to stimulus out of Beijing. S&P 500 futures, -0.5% earlier, now off 0.2%
South Korea's August PMI inches up to 47.5 from 47.2 previously as the country's export industry continues to be hit by the slowdown in China and Europe. In a separate report, the country's inflation rate fell to 1.2% in August, the lowest read in more than 12 years. "We expect the BOK to deliver one more 25 basis point rate cut in September," says HSBC's Ronald Man
Australia's August PMI rises 5 points, but remains firmly in contraction territory at 45.3. Separately, retail sales for July fell 0.8% against expectations for a gain of 0.2%. It's the sharpest decline in nearly 2 years. The domestic news combines with weak Chinese data to put pressure on the aussie, -0.6% to $1.0262. Perhaps liking the weaker currency, the ASX 200 +0.3%
For the latest updates on the stock market, visit,
http://daytradingstock-blog.blogspot.com/
