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Andrew Mullen



Articles by Andrew Mullen

China inflation: how is it measured and why is it important?

16 days ago

[unable to retrieve full-text content]What is consumer inflation?Consumer inflation is the rising costs of goods and services in an economy and, as a result, reflects the decreasing purchasing power of consumers, all other things being equal. Rising income can offset the impact of rising inflation. “Real” income growth is adjusted to subtract the impact of inflation.How is China’s consumer inflation measured?It is most often measured by the consumer price index (CPI), which tracks the prices people pay for a “basket” of goods and…

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China’s services sector remained strong in October, second highest in 10 years

22 days ago

[unable to retrieve full-text content]Activity in China’s services sector accelerated in October as the economy continued its strong recovery from the coronavirus outbreak earlier this year, a private survey showed on Wednesday.The Caixin/Markit services purchasing managers’ index (PMI), a gauge of sentiment among smaller, private firms, rose to 56.8 in October from 54.8 in September. A reading above 50.0 indicates growth, while a reading below represents a contraction.October’s reading was higher than the median prediction of 55.0…

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China’s economic recovery continues as manufacturing activity rises to highest level since January 2011

24 days ago

[unable to retrieve full-text content]The Chinese manufacturing sector continued to show strong activity in October, indicating the nation’s robust rebound from the coronavirus pandemic continued in the first month of the fourth quarter.The Caixin/Markit manufacturing purchasing managers’ index (PMI), rose to 53.6 in October from 53.0 in September, above the Bloomberg survey expectation for a slight decline to 52.8, and to its highest level since January 2011.The Caixin/Markit PMI confirmed the result of the official manufacturing…

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How did China’s industrial giants perform in September?

October 27, 2020

[unable to retrieve full-text content]China’s industrial giants saw their monthly profits grow for a fifth consecutive month in September, while remaining negative over the first nine months of the year.In September, profits of large industrial firms increased 10.1 per cent compared with a year earlier, though this was lower than the increase of 19.1 per cent in August, according to data from the National Bureau of Statistics (NBS).In the first nine months of the year, industrial profits at China’s biggest firms fell by 2.4 per…

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China’s services sector remained strong in September due to continued recovery in domestic supply, demand

October 9, 2020

[unable to retrieve full-text content]A continued recovery in domestic supply and demand saw sentiment within China’s services sector remain positive for a fifth consecutive month in September, a new survey released on Friday showed.The Caixin/Markit services purchasing managers’ index (PMI), which focuses on sentiment within smaller, private firms, rose to 54.8 in September from 54.0 in August.This was above the median expectation in a Bloomberg survey for a reading of 54.3, with the rate of expansion the sharpest for three months…

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China’s small factory activity strengthened in August thanks to rise in production, new orders, export sales

September 1, 2020

[unable to retrieve full-text content]China’s manufacturing sector showed further recovery in August, with production, new orders and also export sales improving in a new survey released on Tuesday.The Caixin/Markit manufacturing purchasing managers’ index (PMI) rose to 53.1 last month from 52.8 in July, beating median expectations in a Bloomberg survey of 52.5, and remaining in positive territory for the fourth consecutive month.It was also the biggest rate of expansion since January 2011.The survey focuses on production at…

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China’s industrial giants rebound for third successive month in July as coronavirus recovery continued

August 27, 2020

[unable to retrieve full-text content]China’s industrial giants saw their monthly profits grow for a third successive month in July, but remained negative in the first seven months of the year.Last month, profits of industrial firms saw a year on year increase of 19.6 per cent, improving from the increase of 11.5 per cent in June, data from the National Bureau of Statistics (NBS) showed on Thursday.In the first seven months of the year, however, profits fell by 8.1 per cent, with May, June and July representing the only months of…

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China keeps loan rate steady for fourth straight month

August 20, 2020

[unable to retrieve full-text content]China as expected kept its benchmark lending rate steady for the fourth straight month on Thursday.The one-year loan prime rate (LPR) was kept unchanged at 3.85 per cent, while the five-year LPR remained at 4.65 per cent.Most new and outstanding loans are based on the LPR, while the five-year rate influences the pricing of mortgages.Twenty-eight traders and analysts out of 31 participants in a snap survey conducted by Reuters this week had predicted no change to the either rates.It seems that…

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China inflation rose 2.7 per cent in July, driven by higher food costs

August 10, 2020

[unable to retrieve full-text content]China’s inflation rate rose 2.7 per cent in July, up from the 2.5 per cent gain in June, data released on Monday showed.The rising consumer price index (CPI) was slightly worse than the inflation rate of 2.6 per cent expected by analysts.Pressure on China’s manufacturing sector following the impact of the coronavirus pandemic, meanwhile, eased slightly in July as the producer price index (PPI), reflecting the prices that factories charge wholesalers for their products, fell 2.4 per cent year on…

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China’s services sector expanded at slower pace in July, weighed down by falling export orders and job losses

August 5, 2020

[unable to retrieve full-text content]China’s services sector activity continued to grow in July, but the pace slowed from a decade high the previous month as export orders remained weak and firms continued to shed workers, a private survey showed on Wednesday.The Caixin/Markit services purchasing managers’ index (PMI), which focuses on smaller, private firms, fell to 54.1 in July from 58.4 in June, which was the highest reading since April 2010. A reading above 50.0 indicates growth in sector activity, while a reading below…

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China’s small factory activity strengthened in July to highest level since January 2011

August 3, 2020

[unable to retrieve full-text content]China’s manufacturing sector showed a further rebound in July to its strongest level since January 2011, but weak foreign demand and downward pressure on employment showed there is still some way to go to reach pre-coronavirus levels.The Caixin/Markit manufacturing purchasing managers’ index (PMI), released on Monday, rose to 52.8 last month from 51.2 in June, beating analysts expectations and showing production at smaller Chinese factories was improving. The 50-point mark separates contraction…

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Price pressure on China’s manufacturing sector fell in June as coronavirus impact eased

July 9, 2020

[unable to retrieve full-text content]Pressure on China’s manufacturing sector eased in June following the impact of the coronavirus pandemic, data released on Thursday showed.The producer price index (PPI), reflecting the prices that factories charge wholesalers for their products, fell 3.0 per cent year on year in June, data from the National Bureau of Statistics (NBS) showed.That was lower than May’s reading of a 3.7 per cent decline and lower than the 3.2 per cent contraction tipped by analysts in a survey by Bloomberg.The drop…

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China’s industrial giants remain under pressure as profits continue to decline, but at slower pace

May 27, 2020

[unable to retrieve full-text content]Profits at China’s big industrial firms continued to collapse in the first four months of the year under pressure from the economic damage caused by the coronavirus outbreak, although the decline showed signs of slowing.Industrial firms saw profits fall by 27.4 per cent year-on-year over the first four months of 2020 to 1.26 trillion yuan (US$177 billion), data from the National Bureau of Statistics (NBS) released on Wednesday showed.This was a further slight improvement from the 36.7 per cent…

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Coronavirus: China’s services industry continued to struggle in April despite lockdown lift

May 7, 2020

[unable to retrieve full-text content]China’s services industry continued to struggle in April, despite the country slowly beginning to return to normal after the social and economic disruptions caused by the coronavirus outbreak, a survey released on Thursday showed.The Caixin/Markit services purchasing managers’ index (PMI), which focuses on smaller, private firms, rose slightly to 44.4 last month, up from 43.0 in March, suggesting that the sector remained in contraction and that China’s economic recovery will be slow.It was much…

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Coronavirus: China’s inflation remained high in February, pork prices jumped 135 per cent

March 10, 2020

[unable to retrieve full-text content]China’s consumer inflation remained high in February amid the coronavirus outbreak, with official price figures also confirming the difficulties faced by manufacturers.The consumer price index (CPI) rose 5.2 per cent from a year earlier, down from a 5.4 per cent gain in January, data from the National Bureau of Statistics (NBS) showed. The result matched the median forecast of analysts polled by Bloomberg.The producer price index (PPI), reflecting the prices that factories charge wholesalers…

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China’s November services sector activity rose to highest since April, private Caixin survey shows

December 4, 2019

[unable to retrieve full-text content]Activity in China’s services sector accelerated to a seven-month high in November, the latest in a series of data which hints at short-term stabilisation in the economy, a private survey showed on Wednesday.The Caixin/Markit services purchasing managers’ index (PMI) rose to 53.5 last month, the fastest growth since April, from 51.1 in October, which was its slowest expansion in eight months.On Monday, the official non-manufacturing PMI rose to 54.4 in November, beating analysts’ expectations of…

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