31.12.2014 - Data from China continues to deteriorate
Today, in China was published data on the manufacturing PMI, which in December fell to 49.6 against 50.0 in November. It is worth recalling that fall below 50.0 indicates contraction in the sector. State of production in China greatly affects commodity markets and currencies of New Zealand and Australia, which export products to China. In case of launching new measures to support China's economic growth in the production can be resumed, but until that time we maintain the medium-term negative outlook on the country's stock market which is also provoked by the crisis in the construction sector.