Chinese PMI Drops But Shanghai Composite Keeps Rolling

Chinese PMI came in cooler for December, down to a 54.4 from a 55.3 previously.

This could be a sign the Chinese government’s tightening measures are starting to work, or at least that manufacturers are starting to take notice of the government’s intention to curb inflation.

Or it might just be a less than one point move. Chinese PMI was in contraction territory as lately as July.

The Shanghai Composite moved slightly higher through the day on the news, not deterred by the tiny slowdown in manufacturing.

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