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Background on this morning's China PMI

CMC Markets

World markets will be focused on this morning's PMI releases. The Aussie Dollar, in particular could be impacted having broken into new ground under .899 support. The official PMI is scheduled for release at 11am AEST and market expectation is for a reading of 49.8 The HSBC/Markit version is due at 11.45am and is expected to be 47.7 So what are PMI's? They are indices based on a survey of manufacturers designed to show whether the manufacturing economy is expanding or contracting. A reading below 50 indicates contraction. The official PMI is made up of 5 components with the following weightings - New orders (30%); Output (25%); Employment 20%; Supplier Delivery times (15%) and Inventories (10%)

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