Fragile rebound

1 September 2010 By Wei Gu

The muchwatched PMI measure showed manufacturing bouncing back. But external forces threaten. China still depends on the U.S. market, and its export recovery might tempt neighbours to snatch back market share. Meanwhile, domestic markets won’t easily pick up any slack.

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China's official purchasing managers' index (PMI) rose to 51.7 in August from 51.2 in July, the China Federation of Logistics and Purchasing (CFLP) said on Sept. 1. New export orders rose to 52.2 from 51.2 in July. Input prices increased to 60.5 from 50.4 in the previous month.

HSBC's China Purchasing Managers' Index rose to 51.9 from 49.4. New export orders fell sequentially to 49.5 from 49.8.

A U.S. PMI index due from the Institute for Supply Management on Sept. 1 is expected to ease to 53.0 in August from 55.5.

The Nomura/JMMA Japan Purchasing Managers' Index (PMI) for August fell 2.7 percentage points month on month to 50.1. The new export orders index fell 4.5 percentage points. South Korea's PMI slowed to a 17month low, according to a HSBC/Markit survey. Average exports per working day hit a fivemonth low in August.

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