HSBC's purchasing manager index for China came in sub 50 and somehow people are surprised. I have no idea why. All anyone has to do is look at the number of ships sitting in Asian ports waiting for a cargo to see world trade is on it's knees.
The problem with all these bank and academic economists is they all sit in offices staring at flashing numbers on screens which are almost always backward looking - last months retail sales, inflation, export and import volumes etc ( also these numbers are released by government departments which often have a very obvious reason to make them flattering, making the numbers questionable at best).
They should look out of the window once in a while and trust the evidence of their eyes.
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