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🚨China Jan. Credit Impulse At -5.6 Y/Y, ISM Set To Slowdown

  • Last week, Nordea research published a note signalling China credit impulse (as usual) leading indicator. The Chinese lending metric has contracted since last year, however, when we advance the series by 10-months it leads the U.S. ISM manufacturing PMI

  • The easing in Chinese lending impulse means this year's global manufacturing will slow, credit creation usually leafs manufacturing cycles, Nordea wrote

  • This week we had the latest figure for the ISM Mfg PMI, the February reading showed the index advancing to 58.6 from 57.6, this was above market consensus



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