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China's PMI Rises, Defying Regional Muted Business Confidence

The Chinese manufacturing PMI (Caixin) for November unexpectedly rose to 50.7, surpassing the anticipated figure of 49.6. This rebound contrasts with the previous day's official NBS PMI, which declined to 49.4.

Although sentiment in the region remains subdued, there is tentative evidence of increasing activity, as indicated by the South Korean PMI, which has surpassed the 50-point 'waterline' for the first time since July 2022. Our take: With business confidence historically low, recent developments suggest a potential upside surprise for 2024.


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