Re the PMI report today
the overall PMI is down so Tarrifs May be having an effect.
The subindex measuring construction activity jumped to 63.4 from 59.0 in August.The Tarrifs may hurt the overall economy but the response of the government will be to counter it in the way they always have ie by boosting infrastructurethis is actually a win for IO pick up prices and volumes
some analysts were questioning why there was a resilient price despite destocking and this may be one reason
the market may not pick up this detail immediately so possibly an opportunity? Another asymmetric risk?
The one thing you can say about the Chinese system is that they have more control than the West.
DYOR!
$70, page-67
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