In China, HSBC services PMI rose to 54.3 in September, compared to the 52.0 reading in August, indicating a faster expansion. The gain contradicts the earlier reported loss in the government backed non-manufacturing PMI from 56.3 to 53.7. HSBC services PMI has a main focus on small and medium enterprises, indicating that the government support in small and medium business is taking effect.
In Hong Kong, HSBC PMI fell to 49.6, the first reading below the expansion/contraction dividing line of 50 since July, indicating a contraction in business activities. Hong Kong’s economy is undermined by China’s non-bottom-out and the sluggish global demand. We are forecast a 1-2% GDP Growth for 2012.
In Taiwan, export rose by 10.4% y-y on electronic goods shipment, marking the first y-y gain in September since March,, compared to a 4.2% yy drop in August. Import also rose by 1.3% y-y, after the 7.6% y-y contraction in August. On m-m basis, export rose by a significant 10.0%, after falling by 0.8% in August. Import rose by 8.0% m-m, after a 10.7% m-m drop in August.
In Germany, the economy is displaying signs of resilience amid an ongoing EZ sovereign debt crisis. Exports picked up -unexpectedly- by 2.4% m-m sa in August, following a 0.4% gain in the preceding month. Notably, shipments to Asia and other markets outside of the EZ mitigated sluggish demand within the bloc. By contrast, industrial production slipped 0.5% m-m sa in August, on account of lackluster activity in the construction sector.
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