China: Caixin services PMI slipped to 50.8 in October - TDS

China’s Caixin services PMI slipped to 50.8 in October from 53.1 in the previous month, notes the research team at TD Securities.

Key Quotes

“Caixin composite PMI fell to 50.5 from 52.1. Caixin PMIs are based on responses from smaller manufacturers and exporters. The services PMI fell to its lowest since Sep 2017 while the Caixin composite index is now teetering just above the contractionary level of 50.”

“Services had been holding up previously, but this provides evidence that it is falling in line with manufacturing. Worryingly for the outlook, new orders fell to 50.3 in October, the lowest since Feb 16.”