MNI China November Business Sentiment

  • 49.9 vs. 55.6 in October
  • Down 10.3% m/m (+8.4% last month!)

Wow ... this is a volatile indicator recently

  • New Orders fell 6.6%
  • Production fell 4.2%

Comments from Philip Uglow, Chief Economist MNI Indicators

  • In spite of the instability in many areas though, business is finding some support in the easier credit environment while new orders and output remain elevated by historical standards
  • The latest result confirms that the business backdrop is fragile and further stimulus is warranted, particularly given the renewed disinflationary tone struck in November's survey

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Yep ... seems little doubt we'll get more China stimulus, both fiscal and monetary