{LONGTERMINVESTORS} MACRO China · The Caixin China manufacturing purchasing managers index rose to 50.1 in September from 50.0 in August, Caixin Media Co. and research firm IHS Markit Ltd. said Friday, remaining for the third straight month at or above the 50 mark separating factory-activity expansion from contraction. · NBS Manufacturing Purchasing Managers' Index (PMI) stood at 50.4 in September, unchanged from August, while the non-manufacturing PMI increased to 53.7 from the previous month's 53.5, official data showed Saturday. Eurozone · The eurozone’s unemployment rate has held steady at a five-year low of 10.1 per cent in August, disappointing expectations for a small decline to 10 per cent. Youth unemployment remains at an eye-watering 47.7 per cent in Greece, 43.2 per cent in Spain and 38.8 per cent in Italy, while in Germany it’s just 6.9 per cent. Japan · Headline consumer inflation remained negative in August, down 0.5% from the year earlier, making Japan the only major economy still

MACRO

China

·         The Caixin China manufacturing purchasing managers index rose to 50.1 in September from 50.0 in August, Caixin Media Co. and research firm IHS Markit Ltd. said Friday, remaining for the third straight month at or above the 50 mark separating factory-activity expansion from contraction.

·         NBS Manufacturing Purchasing Managers' Index (PMI) stood at 50.4 in September, unchanged from August, while the non-manufacturing PMI increased to 53.7 from the previous month's 53.5, official data showed Saturday.

 

Eurozone

·         The eurozone's unemployment rate has held steady at a five-year low of 10.1 per cent in August, disappointing expectations for a small decline to 10 per cent. Youth unemployment remains at an eye-watering 47.7 per cent in Greece, 43.2 per cent in Spain and 38.8 per cent in Italy, while in Germany it's just 6.9 per cent.

 

Japan

·         Headline consumer inflation remained negative in August, down 0.5% from the year earlier, making Japan the only major economy still so deeply in negative territory. More dispiriting, the central bank's preferred gauge of core inflation, which excludes fresh food and energy, likely dropped to 0.4%, according to Capital Economics, the lowest level in 18 months.

·         Japan's household spending took a dive in August, falling by the most in half a year and by more than double the pace economists expected. Overall household spending fell 4.6 per cent year-on-year in August. That was down from July's 0.5 per cent drop. This was the biggest fall since March this year. It was also the sixth month in a row that spending has contracted, making for the longest run of declines since a 13-month slide to March 2015.

 

Source: Shanghai Daily, WSJ, Financial Times, Phillip Securities Research (Singapore)

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CA Mihir Desai

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