π¨π³ China's PMI divergence looks manageable; what's happening to producer margins does not
The week in view
π¨π³ China's PMI divergence looks manageable; what's happening to producer margins does not
China's official PMI flatlined at 50.0 in May while the Caixin gauge held at 51.8, but April PPI surged to +2.8% year-on-year, a 45-month high. Manufacturers are eating the cost shock, not passing it through.