Australia’s June manufacturing PMI numbers are out.
The headline number jumped to 49.6 from 43.8 in May.
This is good news.
The Australian economy has been under pressure as its key export markets — primarily China — has been slowing down.
“Make no mistake – the Australian tide is going to be heading way out as China is about to have what our economist Wei Yao described as its’ Minsky moment’, or in layman’s terms, its day of reckoning!” warned Societe Generale strategist Albert Edwards.
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