A nice surprise coming from the Chinese economy. According to preliminary estimates by HSBC, in Beijing the PMI index for July on the trend of manufacturing activity shot up against all expectations to 52 points, the highest level for 18 months now.
The previous monthly survey had been equal to 50,7 points and for July analysts had forecast a lower growth than that recorded, at 51 points. In the case of PMI indices, the 50-point threshold marks the boundary between expansion and contraction of activity.
The Chinese data provoked an immediate reaction on the stock markets: Shanghai and Shenzhen recorded gains of more than one percentage point, while in Tokyo the Nikkei index grew by 0,2%.
