We interrupt your regularly scheduled weekend activities (beach going, ice cream eating, golf, tennis, bocci, cliff diving, kite flying, polo … ) to bring you breaking economic news. On a Saturday night. We really ARE pathetic but that’s besides the point. How bad are Chinese officials letting this one fly on Saturday NIGHT? From Bloomberg a moment ago …
China’s July Manufacturing Grows at Slower Pace, PMI Shows
By Bloomberg News
Aug. 1 (Bloomberg) — China’s manufacturing grew at a slower pace in July, a government-backed purchasing managers’ index showed today.
The measure fell to 51.2 from 52.1, the Federation of Logistics and Purchasing said on its website today. The reading was less than the median forecast of 51.4 in a Bloomberg News survey of 15 economists. A reading below 50 shows a contraction.
Grows at a slower pace – something ’bout that doesn’t sit right. Maybe we’re just bitter that we’re sitting here reading through and creating streetstuffweekly.pdf and watching A-rod keep the streak alive and NOT hitting No. 600. Maybe. Donno. Here’s a visual of the Chinese PMI:
IF we’re pinning a LOT of hope on the Chinese, economically speaking, one might think this data point NOT so supportive but then again, maybe we’re just thinking too much and not drinking nearly enough of the ‘V’ (not ‘W’) Kool-Aid. We’ll be watching Sunday night to see how Tokyo opens and how the US markets/futures take this. We’ve NO guess as to how important this might be as a catalyst for the RISK ON crowd and whether or not it will matter TO the rates space. We do know that on the positive side of things, there’s NO supply to think/worry about for a couple of days. On the negative side of things, we do NOT have month-end index buying to help – call it a wash?
We NOW return you to your regularly scheduled programming. Had this been a real emergency, your phone would probably be ringing before you had a chance to read this note. Thankfully that is NOT the case. IF A-Rod hits No. 600 tonight, we cannot be held accountable for our actions!