23.09.2014 - Data from China was better than expected
The main event of the day today was the publication of data on the manufacturing PMI in China. It is worth mentioning that China is the second largest economy in the world after the United States, the state of which significantly affects the commodity markets and currencies of countries such as Australia, New Zealand and others. Analysts predicted that the rate of the index of business activity in the manufacturing sector will decline to 50.0, but the index unexpectedly rose to 50.5 in September, against 50.2 in August.
Figure above 50.0 indicates an acceleration of growth in the sector. Despite this, sentiment in China remains pessimistic due to falling rates of industrial growth in August to 6.9%, against 9.0% in July. In addition, the country's finance minister said that China does not plan to change economic policy due to the deterioration of one of the macroeconomic indicators. We maintain a medium-term negative outlook on the Chinese stock market.