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🇨🇳 Tonight's June PMI is the first clean read on whether China's factory momentum outlasts tariff front-loading
The day in view

🇨🇳 Tonight's June PMI is the first clean read on whether China's factory momentum outlasts tariff front-loading

Macro Soup Newsroom Macro Soup Newsroom 3 min read

China's June manufacturing PMI prints tonight, the first full-month read under the post-tariff-truce regime. Consensus is 50.1; May eased to 50.0 from April's front-loading peak of 50.3.

Line chart of China industrial sector profits (green) and revenue (red) in CNY bn from 2012 to 2026.
China's industrial profits have yet to rise above the range of the last four years despite the 18.8% year-to-date gain through May. Source

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