Markets think they can see a victory sign coming from China. They believe China has somehow executed a “V-shaped” recovery from its slowdown – and that this justifies buying stocks elsewhere.
Yesterday's CLSA purchasing managers index for China, like the official survey last week, showed a sharp rise to bring Chinese manufacturing back into expansion mode. This is the fifth gain in succession and the first reading showing an expansion in nine months. On a graph, it is a perfect V-shape. The post-Lehman recovery dates from the Chinese government's stimulus package in November.
New orders rose after eight months of falls, mostly due to domestic demand. Foreign orders dropped, but by the lowest amount in eight months.
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