It has been a wild morning in China
Data was poor:
- China Caixin Manufacturing PMI for August (final): 47.3 (vs. flash 47.1) + services PMI result
- China Official Manufacturing PMI: 49.7 (49.7 expected) & Non-manufacturing 53.4 (prior 53.9)
And stocks resumed their slide.
But ... the worst of the losses were recovered as we headed into the lunch break, and a small inroad was made into the opening gap lower:
EUR/USD (along with GBP, JPY and CHF all gained while Chinese stocks fell ... but check out EUR/USD, its not given back much of its gain at all, hanging on near session highs as I update:
Market chatter is to expect more China stock buying in their afternoon, which has been a pattern.
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