China's PMI brightens in November, but analysts see darker side
CHINA's National Bureau of Statistics' manufacturing purchasing managers' index (PMI) rose to 50
CHINA's National Bureau of Statistics' manufacturing purchasing managers' index (PMI) rose to 50.2 in November from 49.3 in October - above the 49.5 predicted in a Bloomberg poll of analysts.
The corresponding measure for the construction and service sectors - the non-manufacturing PMI - rose to 54.4 in the month, beating analysts' expectations of 53.1 and October's figure of 52.8.
But Nomura Securities analyst Ting Lu said that a similar stronger-than-expected rise in the PMI numbers in March proved to be a false dawn, as the economy continued to flounder in the months that followed.
'We don't think such a rebound suggests a bottoming out of the economy, as strong growth headwinds remain, especially from the cooling property sector and China's worsening fiscal situation,' he said in a note.
Said Zhongtai Securities analyst Liang Zhonghua: 'The average PMI for October and November was still weaker than September - the economy has not stabilised yet. The economic trend has not changed. We must stay awake and not act rashly.'