Today, Thursday, Manufacturer’s Indexes dominate the economic docket. We get the final manufacturing PMIs for January, which measure the activity level of purchasing managers in the manufacturing sector. The releases come from China, several European nations and the Eurozone as a whole, from the UK and from the US as well. The final prints are expected to confirm the preliminary estimates.
Earlier on Thursday, the Chinese HSBC Manufacturing PMI, a private business survey, came at 51.5, matching December’s reading, which was the highest in four months, showing that the growth in China’s manufacturing sector has remained on the highs in January.
The UK manufacturing PMI is also to be released and expectations are for the index to have risen somewhat in January, to 56.5 from 56.3 the previous month. Following the better-than-expected preliminary GDP print for Q4, January PMIs will be watched for early signs as to how the British economy started 2018. However, the service sector accounts for around 80% of the UK GDP and a more descriptive picture for the UK economy could be given draw next Monday where the services index is expected to be released.
The US will also publish the PMI data. Announcements regarding the final Markit manufacturing PMI and the ISM manufacturing index, both for January, are going to be released. Usually the ISM print has more significant weight in the markets rather than the Markit PMI, which is expected to have slid somewhat, to 58.9 from 59.3 in December.