China PMI Weak, Hong Kong Surges

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By Douglas A. McIntyre Published
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China’s PMI showed a significant slowing. That did not keep the Hang Seng from 5.3% as news that the Fed and other central banks would coordinate inexpensive dollar access. That news caused rallies of over 3% among indices in Europe and America. The DJIA was up 400 points most of the day.

According to MarketWatch

China’s manufacturing contracted slightly in October, according to a government-sponsored survey released Thursday. The China Federation of Logistics & Planning reported its manufacturing Purchasing Managers’ Index fell to 49.0, below the previous month’s 50.4 reading and less than the 50 level that separates contraction from expansion. The result missed a 49.7 forecast from a Dow Jones Newswires survey

The Hang Seng traded up 5.2% with another impetus being the easing of credit by mainland banks. This is viewed as a form of stimulus to help offset the slowing confirmed by October PMI.

The Nikkei 225 also rose early in the session by 2.13% to 8,614.

The Asia rally should last the session, and then the challenge will be for Europe markets to ignore the deep troubles there.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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