- China official PMI prints at 50.3 for July, up from 50.1 in June and above consensus estimates of 49.9.
- By contrast, the final HSBC PMI reading comes in at 47.7, unchanged from last week's flash estimate.
- The excuse for the disparity between the figures: "Official PMI is more skewed to larger companies and the HSBC figure reflects the smaller companies," HSBC's Frederic Neumann says.
- The Shanghai Composite rises 1.3% following a better than expected official PMI print. The Hang Seng is up 1%.
- The Nikkei jumps 1.16% as the yen falls 0.3% against the dollar to ¥98.18.
- Not along for the ride are Australian equities, which are off 0.3% in Sydney. The aussie trades near a three-year low sliding 0.26% to 0.8957.
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