China’s NBS manufacturing PMI in April eased slightly to 50.6 from 50.9 in March, which, in line with other recent data, suggests that the Chinese recovery has lost some momentum albeit so far not dramatic. In line with the flash HSBC manufacturing PMI, weakness has been most pronounced within export orders, suggesting that it is driven by lower external demand rather than domestic demand. On a positive note, the new order-inventory-balance remains relatively healthy and price pressure appears to be easing fast on the back of the recent drop in commodity prices.
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Danske Bank