海外研报

Mizuho China Weekly Outlook

China’s high-frequency indicators for July were mixed. On one hand, steel-related activity has eased further, with rebar prices hitting a new low since 2017 (Fig 8) and crude steel production declining at a

ISM Services PMl At Odds With ManufacturingCounterpart

The lSM services PMl surprised positively in july. The headline index expanded 2.6 ppts to 51.4, reversingMay's fastest pace of contraction in four years.