China's financial conditions are loosening in August
This report presents the August 2021 update on the Commodity Leading Index Monetary China (CLIMC, see Appendix for index description).Decreasing Loosening Our CLIMC shows that financial conditions as of mid-August continued to loosen but at a slower pace than in July. Consumer inflation in July rose by 1.0% yoy, mainly due to non-food prices.
July 2021 CLIEAC indicates economic slowdown in China
This report presents the July 2021 update on the Commodity Leading Index Economic Activity China (CLIEAC, see Appendix for index description).Slowdown As indicated by our CLIEAC, the Chinese economy went in slowdown mode. Manufacturing conditions worsened, as reflected by the PMI figures (Caixin/Markit PMI up from 52.0 to 51.3; NBSC PMI down from 51.0 [...]
Global Macro/Metals
Transient inflationary pressure, due to the post-covid opening of the economy, does not seem to be impacting the market as central bank rhetoric (at least in the US) is focusing on unemployment. The year-on-year core PCE price index is reading +3% in April, a 29-year high, and is still acting as a tailwind to the gold market (up 7.6% against the USD in May and flat YTD). The latest employment numbers [...]June 2021 CLIEAC indicates economic expansion in China
This report presents the June 2021 update on the Commodity Leading Index Economic Activity China (CLIEAC, see Appendix for index description).Expansion As indicated by our CLIEAC, the Chinese economy remained in expansion mode. Manufacturing conditions were stable, as reflected by the PMI figures (Caixin/Markit PMI up from 51.9 to 52.0; NBSC PMI down fr [...]China’s financial conditions are loosening in June
This report presents the June 2021 update on the Commodity Leading Index Monetary China (CLIMC, see Appendix for index description).Increasing Loosening Our CLIMC shows that financial conditions as of mid-June continued to loosen but at a faster pace than in May. Consumer inflation in May rose by 1.3% yoy, as retailers aren’t hiking prices yet due to sluggi [...]
