Fri 2 Feb 2018


watch Nightly Business Report. watch PBS NewsHour. watch Bloomberg Technology.
watch Bloomberg: Comments on Today’s Selloff

In Portfolioticker today

read_this Hey Jarvis, how did we go today?

  • Today at the stock market Opinion
  • The portfolio today Opinion
  • News
  • flag_japan Japan Update
  • flag_china China Update
  • Today at the stock market

    bull/bearThe Dow Jones Industrial Average tumbled 666 points in the biggest plunge since June 2016, as the worsening bond rout stirred angst that the Federal Reserve will accelerate its rate-hike schedule.

    • The S&P 500 index fell 59.98 points, or 2.13%, to 2,762
    • The Dow Jones Industrial Average Index fell 665.75 points, or 2.54%, to 25,520.96 in the biggest plunge since June 2016, as the worsening bond rout stirred angst that the Federal Reserve will accelerate its rate-hike schedule.
    • The Nasdaq Composite .IXIC dropped 144.92 points, or 1.96 percent, to 7,240.95.

    Solid jobs data that underscored the strength of the economy sent bond bulls scurrying and rattled equity investors who haven’t seen a week this bad in two years. The tandem selling accelerated after Dallas Fed President Robert Kaplan suggested officials may need to hike more than three times this year to cool the advance. The 10-year Treasury yield popped above 2.85 percent for the first time since January 2014.

    “Yields have risen, inflation evidence is rising rather broadly. It’s that combo of factors that’s starting to mount,” Jim Paulsen, chief investment strategist at Leuthold Weeden, said by phone. “And then you get a report, and that’s the straw that breaks the camel’s back, and that’s kind of what we got into today.”

    There was nowhere to hide on the stock market, with all 11 S&P 500 sectors lower. The index’s five-day rout reached 3.9 percent — marking its first pullback of at least that much in a record 404 days. Energy shares sank 4.1 percent as earnings disappointed and crude slumped. The tech selloff worsened, sending the Nasdaq 100 Index lower by 2.1 percent. Its weekly rout hit 3.7 percent, most since February 2006. Not even a record rally at Amazon.com Inc. could rescue the measure, as the world’s biggest company, Apple Inc. hit its lowest since October.

    “People are finally starting to reprice reflation, it’s about time,” Jeanne Asseraf-Bitton, head of global cross-asset research at Lyxor Asset Management, said by phone. “Global economic growth is strong and corporate earnings are very solid, so there’s no reason to question the equity bull market. The rise in bond yields is good, it’s just the speed at which it’s happening that is making investors nervous. Bottom line: this is a healthy correction.”

    U.S. hiring picked up in January and wages rose at the fastest annual pace since the recession ended, as the economy’s steady move toward full employment extended into 2018. Equities are being tested by the surge in bond yields, with some fund managers saying 3 percent U.S. 10-year rates would signal a bond bear market. The level is seen by many stock-watchers as a potential trigger for a correction in equities.

    In Europe, a bond selloff deepened across the continent, and equities dropped for a fifth straight day, the longest streak since November. Disappointing results from companies including Deutsche Bank AG and BT Group Plc. paced losses, with Germany’s DAX giving up the year’s gains, capping the worst weekly decline since 2016. Bund yields reached a fresh two-year high, while the euro and British pound weakened. Japanese debt gained and the yen declined after the Bank of Japan intervened to stem the rise in rates.Bloomberg

    Market indices

    Market indices
    ^ Market indices today (mouseover for 12 month view) Chart: Google Finance

    Index Ticker Today Change 31 Dec 17 YTD
    S&P 500 SPX (INX) 2,762.13 -2.13% 2,238.83 +3.31%
    DJIA INDU 25,520.96 -2.55% 19,762.60 +3.24%
    NASDAQ IXIC 7,240.95 -1.97% 5,383.12 +4.88%

    Portfolio Indices

    USD and AUD denominated indices over the past 52 weeks (Chart: Bunting)
    ^ USD and AUD denominated indices over the past 52 weeks Chart: Bunting

    Index values

    Index Currency Today Change 31 Dec 17 YTD
    USD-denominated Index USD 3.085 -3.19% 2.105 +0.58%
    Valuation Rate USD/AUD 0.79776 -1.43% 0.72663 +1.58%
    AUD-denominated Index AUD 3.871 -1.80% 2.895 -0.98%

    Portfolio stock prices

    Stock Ticker Today Change 31 Dec 17 YTD
    Alphabet A GOOGL $1,119.20 -5.29% $1,053.00 +6.28%
    Alphabet C GOOG $1,111.9 -4.78% $1,045.65 +6.33%
    Apple AAPL $160.50 -4.34% $169.23 -5.16%
    Amazon AMZN $1,429.95 +2.87% $1,169.54 +22.26%
    Ebay EBAY $44.30 -4.10% $37.76 +17.31%
    Facebook FB $190.28 -1.46% $176.46 +7.83%
    PayPal PYPL $76.57 -2.34% $73.61 +4.02%
    Twitter TWTR $25.92 -4.50% $24.01 +7.95%
    Visa V $120.91 -3.83% $114.02 +6.04%
    VMware VMW $122.72 -2.38% $125.32 -2.08%

    FX: USD/AUD

    USD

    DXY movements
    ^ Bloomberg Dollar Spot Index (DXY) movements today (mouseover for 12 month view) Chart: Bloomberg

    The Bloomberg Dollar Spot Index (DXY) rose 0.8%, the largest rise in more than 10 weeks.
    The EUR fell 0.4% to USD 1.2457.
    Britain’s GBP fell 1% to USD 1.4123.
    Japan’s JPY fell 0.7% to 110.144 per USD, the weakest since 23 Jan 2018.
    Bloomberg

    AUD

    AUD movements
    ^ AUD movements against the USD today (mouseover for 12 month view) Chart: xe.com

    Oil and Gas Futures

    Futures prices

    Prices are as at 15:49 ET

    • NYMEX West Texas Intermediate (WTI): $65.26/barrel -0.82% Chart
    • ICE (London) Brent North Sea Crude: $65.80/barrel -1.65% Chart
    • NYMEX Natural gas futures: $2.86/MMBTU +0.18% Chart

    flag_australia AU: Producer Price Indices. Dec 2017

    Press Release Extract [au_ppi]

    In the December quarter 2017, the Final demand index rose 0.6%, the Intermediate demand index rose 1.2% and the Preliminary demand index rose 1.2%. Through the year to the December quarter 2017, the Final demand index rose 1.7%, the Intermediate demand index rose 3.1% and the Preliminary demand index rose 3.0%.

    The rise of 0.6% in the Final demand index in the December quarter 2017 reflected a rise of 0.5% in the prices of domestically produced products and a rise of 0.6% in the prices of imported products.

    The domestic component recorded rises in the prices for Heavy and civil engineering construction (+0.7%), Petroleum refining and petroleum fuel manufacturing (+12.8%) and Building construction (+0.4%). Partly offsetting these rises were falls in the prices for Sugar and confectionery manufacturing (-6.2%) and Sheep, beef cattle and grain farming; and dairy cattle farming (-3.6%).

    The imports component recorded rises in the prices for Petroleum refining and petroleum fuel manufacturing (+9.8%), Cleaning compound and toiletry preparation manufacturing (+7.3%) and Other transport equipment manufacturing (+1.3%). Partly offsetting these rises were falls in the prices for Tobacco product manufacturing (-3.8%), Seafood processing (-3.2%) and Professional and scientific equipment manufacturing (-0.8%).

    The rise of 1.2% in the Intermediate demand index in the December quarter 2017 reflected a rise of 1.2% in the prices of domestically produced products and a rise of 1.6% in the prices of imported products.

    The domestic component recorded rises in the prices for Electricity, gas and water supply (+2.9%), Petroleum refining and petroleum fuel manufacturing (+13.8%) and Basic non-ferrous metal manufacturing (+8.9%). Partly offsetting these rises were falls in the price for Sugar and confectionery manufacturing (-10.2%), Textile, clothing, footwear and leather manufacturing (-0.7%) and Meat and meat product manufacturing (-0.2%).

    The imports component recorded rises in the prices for Oil and gas extraction (+20.4%), Petroleum refining and petroleum fuel manufacturing (+9.6%) and Electronic equipment manufacturing (+2.4%). Partly offsetting these rises were falls in the prices for Textile, clothing, footwear and leather manufacturing (-1.6%), Motor vehicle and part manufacturing (-2.7%) and Other basic chemical product manufacturing (-6.5%).

    The rise of 1.2% in the Preliminary demand index in the December quarter 2017 reflected a rise of 1.1% in the prices of domestically produced products and a rise of 1.7% in the prices of imported products.

    The domestic component recorded rises in the prices for Electricity, gas and water supply (+2.9%), Petroleum refining and petroleum fuel manufacturing (+14.1%) and Basic non-ferrous metal manufacturing (+8.7%). Partly offsetting these rises were falls in Metal ore mining (-3.2%), Sugar and confectionery manufacturing (-10.1%) and Fabricated metal product manufacturing (-0.9%).

    The imports component recorded rises in the prices for Oil and gas extraction (+20.5%), Petroleum refining and petroleum fuel manufacturing (+10.3%) and Basic non-ferrous metal manufacturing (+9.0%). Partly offsetting these rises were falls in the prices for Textile, clothing, footwear and leather manufacturing (-1.5%), Professional and scientific equipment manufacturing (-3.7%) and Motor vehicle and part manufacturing (-3.2%).

    Australian Bureau of Statistics, “6427.0 Producer Price Indexes. Dec 2017“, 2 Feb 2018 More

    flag_europe EU: Industrial Producer Prices Domestic Market. Dec 2017

    Press Release Extract [eu_ppi]

    In December 2017, compared with November 2017, industrial producer prices rose by 0.2% in the euro area (EA19) and by 0.1% in the EU28, according to estimates from Eurostat, the statistical office of the European Union. In November 2017, prices increased by 0.6% in the euro area and by 0.7% in the EU28.

    In December 2017, compared with December 2016, industrial producer prices rose by 2.2% in the euro area and by 2.4% in the EU28.

    eu_ipp_20180202

    The average industrial producer prices for the year 2017, compared with 2016, increased by 3.1% in the euro area and by 3.4% in the EU28.

    Monthly comparison by main industrial grouping and by Member State

    The 0.2% increase in industrial producer prices in total industry in the euro area in December 2017, compared with November 2017, is due to rises of 0.2% for intermediate goods and of 0.1% in the energy sector, for capital goods and for durable consumer goods, while prices remained stable for non-durable consumer goods. Prices in total industry excluding energy rose by 0.1%.

    In the EU28, the 0.1% increase is due to rises of 0.2% for both intermediate goods and durable consumer goods and of 0.1% in the energy sector, while prices remained stable for both capital goods and non-durable consumer goods. Prices in total industry excluding energy also rose by 0.1%.

    The highest increases in industrial producer prices were observed in Sweden (+1.2%), Ireland (+0.7%), Slovakia (+0.6%) and Finland (+0.5%), and the largest decreases in Denmark (-1.0%), Lithuania (-0.6%), as well as Estonia and Romania (both -0.3%).

    Annual comparison by main industrial grouping and by Member State

    The 2.2% increase in industrial producer prices in total industry in the euro area in December 2017, compared with December 2016, is due to rises of 3.0% for intermediate goods, of 2.9% in the energy sector, of 1.5% for non- durable consumer goods, of 1.0% for capital goods and of 0.7% for durable consumer goods. Prices in total industry excluding energy rose by 1.9%.

    In the EU28, the 2.4% price increase is due to rises of 3.2% in the energy sector, of 3.1% for intermediate goods, of 1.8% for non-durable consumer goods, of 1.1% for durable consumer goods and of 0.9% for capital goods. Prices in total industry excluding energy rose by 2.1%.

    Industrial producer prices rose in all Member States. The largest increases were recorded in Belgium (+5.3%), Bulgaria (+5.1%), the United Kingdom (+4.2%), Lithuania (+3.8%) and Ireland (+3.6%).

    Eurostat, “December 2017 compared with November 2017: Industrial producer prices up by 0.2% in euro area, Up by 0.1% in EU28“, 2 Feb 2018 More

    flag_usa US: Employment Situation. Jan 2018

    Press Release Extract [us_empsit]

    Total nonfarm payroll employment increased by 200,000 in January, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in construction, food services and drinking places, health care, and manufacturing.

    Household Survey Data

    In January, the unemployment rate was 4.1 percent for the fourth consecutive month. The number of unemployed persons, at 6.7 million, changed little over the month.

    us_ue_20180202

    Among the major worker groups, the unemployment rate for Blacks increased to 7.7 percent in January, and the rate for Whites edged down to 3.5 percent. The jobless rates for adult men (3.9 percent), adult women (3.6 percent), teenagers (13.9 percent), Asians (3.0 percent), and Hispanics (5.0 percent) showed little change.

    The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.4 million in January and accounted for 21.5 percent of the unemployed.

    The civilian labor force and total employment, as measured by the household survey, changed little in January (after accounting for the annual adjustments to the population controls). The labor force participation rate was 62.7 percent for the fourth consecutive month and the employment-population ratio was 60.1 percent for the third month in a row.

    The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 5.0 million in January. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.

    In January, 1.7 million persons were marginally attached to the labor force, little changed from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

    Among the marginally attached, there were 451,000 discouraged workers in January, little changed from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.2 million persons marginally attached to the labor force in January had not searched for work for reasons such as school attendance or family responsibilities.

    Establishment Survey Data

    Total nonfarm payroll employment rose by 200,000 in January. Employment continued to trend up in construction, food services and drinking places, health care, and manufacturing.

    us_jobs_20180202

    Construction added 36,000 jobs in January, with most of the increase occurring among specialty trade contractors (+26,000). Employment in residential building construction continued to trend up over the month (+5,000). Over the year, construction employment has increased by 226,000.

    Employment in food services and drinking places continued to trend up in January (+31,000). The industry has added 255,000 jobs over the past 12 months.

    Employment in health care continued to trend up in January (+21,000), with a gain of 13,000 in hospitals. In 2017, health care added an average of 24,000 jobs per month.

    In January, employment in manufacturing remained on an upward trend (+15,000). Durable goods industries added 18,000 jobs. Manufacturing has added 186,000 jobs over the past 12 months.

    Employment in other major industries, including mining, wholesale trade, retail trade, transportation and warehousing, information, financial activities, professional and business services, and government, changed little over the month.

    The average workweek for all employees on private nonfarm payrolls declined by 0.2 hour to 34.3 hours in January. In manufacturing, the workweek declined by 0.2 hour to 40.6 hours, while overtime remained at 3.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls edged down by 0.1 hour to 33.6 hours.

    In January, average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents to $26.74, following an 11-cent gain in December. Over the year, average hourly earnings have risen by 75 cents, or 2.9 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 3 cents to $22.34 in January.

    The change in total nonfarm payroll employment for November was revised down from +252,000 to +216,000, and the change for December was revised up from +148,000 to +160,000. With these revisions, employment gains in November and December combined were 24,000 less than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors. The annual benchmark process also contributed to the November and December revisions.) After revisions, job gains have averaged 192,000 over the last 3 months.

    Bureau of Labor Statistics, “Employment Situation. Jan 2018“, 1 Feb 2018 (08:30) More

    flag_usa US: Consumer Confidence Index. Jan 2018

    Press Release Extract [ser_uom]
    Index Jan 2018 Dec 17 Jan 2017 M-M% Y-Y%
    Index of Consumer Sentiment 95.7 95.9 98.5 -0.26% -2.8%
    Current Economic Conditions 110.5 113.8 111.3 -2.9% -0.7%
    Index of Consumer Expectations 86.3 84.3 90.3 +2.4% -4.41%

    Surveys of Consumers chief economist, Richard Curtin

    Consumer sentiment has remained largely unchanged for more than a year at very favorable levels. The January Sentiment figure was just 0.2 Index-points below December’s, and just 1.1 points below the 2017 average of 96.8–which was the highest yearly average since 2000. Stock price increases and the passage of tax reforms were mentioned by all-time record numbers of consumers. To be sure, there were small offsetting declines among lower income households and residents of the Northeast. Consumers continued to expect growth in jobs and incomes, but anticipated a slightly higher inflation rate. Importantly, the motivating force behind purchase decisions has shifted from discounts on prices and interest rates to increased confidence in future job security and growth in wages as well as financial assets. This renewed sense of confidence was responsible for the recent declines in savings rates. The tax cuts will increase discretionary spending once higher energy bills due to the unusually cold weather are paid. Monetary policy will need to tighten in the year ahead, but given consumers’ decade long experience with record low interest rates, only modest increases in interest rates will be sufficient to curb any excesses. Overall, the data signal an expected gain of 2.8% in real personal consumption expenditures during 2018

    University of Michigan, “UOM Consumer Confidence Index (Final). Jan 2018“, 2 Feb 2018 (10:00) More

    flag_japan Japan update

    Currency: USD/JPY

    JPY movements
    ^ JPY movements against the USD over the past month (mouseover for inverse) Chart: xe.com

    Stockmarket: Nikkei 225

    n225 movements
    ^ Nikkei 225 movements over the past week Chart: Google Finance

    flag_china China update

    GDP. Q4/2017 and Year 2017

    According to relevant basic information and national accounting methods, the preliminary accounting results of GDP for the fourth quarter and the whole year of 2017 are as follows:”

    Preliminary Accounting Results of GDP for Fourth Quarter and the Whole Year of 2017

    Absolute Value
    (CNY 100 million)
    Growth Rate over the
    Same Period Last Year (%)
    Q4 2017 Q4 2017
    Gross Domestic Products 234582 827122 6.8% 6.9%
    Primary Industry 24239 65468 4.4% 3.9%
    Secondary Industry 96177 334623 5.7% 6.1%
    Tertiary Industry 114167 427032 8.3% 8.0%
    Farming, Forestry, Animal Husbandry,
    and Fishery
    25154 68009 4.5% 4.1%
    Industry 78205 279997 6.2% 6.4%
       #Manufacturing 68131 242707 6.8% 7.0%
    Construction 18288 55689 3.1% 4.3%
    Wholesale and Retail Trades 21791 77744 6.9% 7.1%
    Transport, Storage, and Post 9972 36803 8.6% 9.0%
    Accommodation and Restaurants 4109 14594 7.0% 7.1%
    Finance 16302 65749 4.0% 4.5%
    Real Estate 14860 53851 4.8% 5.6%
    Information Transmission, Software
    and Information Technology Services
    7492 27452 33.8% 26.0%
    Renting and Leasing Activities
    and Business Services
    6252 22163 11.8% 10.9%
    Others 32157 125072 7.2% 7.1%

    The Y/Y Growth Rate on GDP

    Year Q1 Q2 Q3 Q4
    2012 8.1% 7.6% 7.5% 8.1%
    2013 7.9% 7.6% 7.9% 7.7%
    2014 7.4% 7.5% 7.1% 7.2%
    2015 7.0% 7.0% 6.9% 6.8%
    2016 6.7% 6.7% 6.7% 6.8%
    2017 6.9% 6.9% 6.8% 6.8%

    National Bureau of Statistics of China, “Preliminary Accounting Results of GDP for the Fourth Quarter and the Whole Year of 2017More

    NBS Manufacturing PMI. Jan 2018

    NBS Press Release Extracts

    1. Purchasing Managers Indexes. Jan 2018

    In January 2018, China’s manufacturing purchasing managers index (PMI) was 51.3 percent, a decrease of 0.3 percentage points from last month, but still unchanged from the same period of last year. The manufacturing industry continued its steady expansion.

    cn_pmi_20180202

    In view of the sizes of enterprises, the PMI of large-sized enterprises was 52.6 percent, decreased 0.4 percentage points from last month, and continue to run smoothly in the expansion range; that of medium-sized enterprises was 50.1 percent, decreased 0.3 percentage points from last month, and was above the threshold; that of small-sized enterprises was 48.5 percent, decreased 0.2 percentage points from last month, and was below the threshold.

    Among the five sub-indices composing PMI, the production index and new orders index were higher than the threshold. The main raw materials inventory index, employed person index and supplier delivery time index were lower than the threshold.

    Production index was 53.5 percent, a decrease of 0.5 percentage points month-on-month, but still in the expansion range, indicating that the manufacturing production maintained steady growth, while the growth rate declined.

    New orders index was 52.6 percent, a decrease of 0.8 percentage points month-on-month, higher than the threshold, showing that the the pace of expansion of manufacturing market demand has slowed down.

    Main raw materials inventory index was 48.8 percent, increased 0.8 percentage points from last month, lower than the threshold, indicating that pace of declined of the main raw material inventory of manufacturing industry has narrowed.

    Employed person index was 48.3 percent, decreased 0.2 percentage points from last month, lower than the threshold, indicating that the labor employment of manufacturing enterprises declined.

    Supplier delivery time index was 49.2 percent, decreased 0.1 percentage point from last month, and was below the threshold, indicating that the delivery time of manufacturing raw material suppliers slowed down.

    2. Non-manufacturing purchasing managers index

    In January 2018, China’s non-manufacturing purchasing managers index was 55.3 percent, an increase of 0.3 percentage points from the previous month. The non-manufacturing industry continued a good development trend of steady growth.

    cn_psi_20180202

    In view of different industries, non-manufacturing purchasing managers index of service industry was 54.4 percent, an increase of 1.0 percentage point from the previous month, and the service industry has achieved steady and rapid growth at the start of this year. Of which, the indices of retail trade, air transport, telecommunications, broadcasting, television and satellite transmission services, Internet, software and information technology services, monetary financial services, insurance, renting and leasing activities and business services, were positioned in the high level of the range which above 55.0 percent, and the total business grew fast. The indices of accommodation, restaurants, real estate, resident services and repair, were lower than the threshold, and the total business decreased. Non-manufacturing purchasing manager index of construction industry achieved 60.5 percent, a decrease of 3.4 percentage points from the previous month. The production activities of construction enterprises have slowed down.

    New orders index was 51.9 percent, down by 0.1 percentage point from the previous month, but was still above the threshold, indicating that the growth rate of non-manufacturing industry’s market demand decreased slightly. In view of different industries, the new orders index of service industry was 51.8 percent, increased 0.9 percentage points from the previous month, and was higher than the threshold. The new orders index of construction industry was 52.8 percent, decreased 5.3 percentage points from the previous month.

    Input price index was 53.9 percent, down by 0.9 percentage points from the previous month, and continued to stay above the threshold, indicating that the input price during the process of non-manufacturing enterprises’ operating activities continued to increase, while the amount of increase narrowed continuously. In view of different industries, the intermediate input price indices of service industry was 53.5 percent, increased 0.3 percentage points from the previous month. The input price index of construction industry was 56.2 percent, a decrease of 8.1 percentage points from the previous month.

    The sales price index was 52.6 percent, unchanged from last month, and continued to stay above the threshold, indicating that the overall level of non-manufacturing sales prices kept rising. In view of different industries, the sales price index of service industry was 52.5 percent, an increase of 0.5 percentage points from the previous month.The sales price index of construction industry was 53.3 percent, a decrease of 2.3 percentage points from the previous month.

    Employment index was 49.4 percent, a slight increase of 0.1 percentage point from the previous month, and was lower than the threshold, indicating that although the non-manufacturing labor employment decreased, the pace of decline continued to narrow. In view of different industries, the employment index of service industry was 48.4 percent, an increase of 0.2 percentage points from the previous month. The employment index of construction industry was 55.4 percent, a decrease of 0.5 percentage points from the previous month.

    Business activities expectation index was 61.7 percent, an increase of 0.8 percentage points from last month, and kept staying in the high level of the range which above 60.0 percent for nine consecutive months. In view of different industries, the business activities expectation index of service industry was 61.2 percent, an increase of 0.9 percentage points from the previous month. That of construction industry was 64.7 percent, an increase of 0.6 percentage points from the previous month.

    3. Composite PMI Output Index

    In January 2018, China’s Composite PMI Output Index was 54.6 percent, unchanged from last month, indicating that the overall production and operation activities of Chinese enterprises continued to maintain a steady and rapid development trend.

    cn_composite_pmi_20180202

    National Bureau of Statistics of China, “Purchasing Managers Index for January 2018More

    Currency: USD/CNY

    CNY movements
    ^ CNY movements against the USD over the past month (mouseover for inverse) Chart: xe.com

    Stockmarket: CSI300

    CSI300 movements
    ^ Shanghai CSI300 movements over the past week Chart: Google Finance