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Optimal Financial Management - Chinese Markets Rebound After Disappointing Data 12th December 2014
Chinese markets rebounded today from sharp losses seen on the Hang Seng and SSE Comp yesterday after government data appeared to show a significant drop in manufacturing for November. The Hang Seng lost over 2.5% and the SSE Comp dropped over 1%.
Official figures showed that China's Purchasing Managers Index dropped from 50.8 in October to 50.3 for November. Any number above 50 indicates expansion however the fall does indicate a downturn in China's growth prospects towards the end of the year. Analysts had forecast 50.6.
This news was released just after HSBC announced they had not changed their figures for PMI and that it saw PMI fall from 50.4 in October to 50 for November, the same as it forecast in its flash report.
This along with the news that GDP growth for the 3rd quarter was just 7.3%, under the 7.5% target. This marks the slowest quarter growth since the financial crisis back in 2008/2009.
As of midday on Tuesday the local markets had recovered with the Hang Seng posting a marginal gain, up just 0.66% and the SSE a far healthier 1.82% gain. This was largely due to the spike in commodities prices on Monday which saw Brent Crude back up over $78.00 a barrel.
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DISCLAIMER The views, opinions, findings, and conclusions or recommendations expressed on this service are those of the author(s) and do not necessarily reflect the views of the Optimal Financial Management. All market data within this release is for your general information and enjoys indicative status only. Optimal Financial Management does not accept any responsibility for its accuracy or for any use to which it may be put. All share prices and market indexes delayed at least 15 minutes. 52 week high and low values are calculated from close price data.
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