US ISM Manufacturing PMI was the surprise this round.
If seen together with the ADP Employment data, the US Private Sector, in particular the Manufacturing sector seems to be on the mend.
China's CFLP PMI (at 49.0%) and HSBC PMI ( at 47.7%) both correlates and tells the story that policymakers have over tightened and that the Manufacturing Sector is in contraction.
These two sets of data is likely the key reason for the announced cutting by the PBoC, of the RRR by 50 basis on 5th Dec. This can be seen as an inflexion point where the policies could be reversed (i.e. loosened) from now on.
Eurozone PMI data is rather bleak.
Countries ranked by Manufacturing PMI® (Nov.)Both the Core and the periphery are in contraction .
Ireland 48.5 2-month low
Germany 47.9 28-month low
Austria 47.6 28-month low
France 47.3 29-month low
Netherlands 46.0 29-month low
Italy 44.0 2-month high
Spain 43.8 2-month low
Greece 40.9 2-month high