official pmi numbers over the weekend shows of the gauge slipped to a five-month low.ng had the desired effect. let's bring in correspondent and occur in. curran. enda: a disappointing read. new orders and new sales under pressure. if you strip away the impact in the second quarter, china is quite slow. will be disappointing for policymakers who have taken so many steps. shery: does this mean that not only because of car sales but manufacturing data and the economic data and today the official pmi it means we could see more stimulus from the government? :en: pointing -- enda curran pointing toward easing growth on track for the 7% growth target. lower thel-bank could reserve rate requirement if it they need to. and lending to get credit into the economy. the government may want to watch more on the fiscal side and where they ramp up spending to get gdp. shery: car sells are slow in china right now. what does it tell us about the sometime indicators are not indicative about the real stay? enda curran: sales are down in the big group is warning they could fall for the fi

official pmi came out saturday at 50. you look beneath the hood. new export orders, in put prices, inventory, all falling from june levels. you look at the other measure of pmi, the privates are they -- , 47.8.vate survey it wasn't only in contraction, it was well in contraction. below 48 for the first time in several years area -- years. all this risk aversion playing into equity markets. china, we talked about that. taiwan, australia, japan, south korea, all ending lower. jonathan: david ingles with a drawing of the average that does look like it has had a couple pints of heineken. thank you for joining us this morning. in beijing, nick wadhams is standing by to break down the latest numbers out of china for us. one pmi says things are pretty ugly. another reading says things are kind of ok. which should i be paying attention to? nick: i think what you want to look at is sort of a broader picture of disturbing numbers coming out of the chinese economy. you have these two indices. we had car sales figures from june down. bloomberg's own estimate of

the official manufacturing pmi in july dropped to 50 from the previous month 50.2. over in frankfort, officials at the european central bank will hold a policy meeting on thursday. the u.s. jobs reports for august will come out on friday. employers in the non-farm sector added more than 200,000 jobs in july for the third straight month. on the same day, central banks from the groups of 20 countries will kick off a two-day meeting in ankara, turkey. >>> we spoke on events 23478 coming weeks with a senior associate professor. he is keeping an eye on india's gdp just later monday. asia's third largest economy grew 7.5% from a year ago in the january to march quarter. it was a higher than even china's figure. they expect india's grooet growth will remain strong. >> i think it's the highest consumption, fern investment, foreign inflow has doubled and it is strong. however, the bunk lending is is not improving despit they have cut the interest rates three times there area. also, it's a great product despite these families p. >> last week stockmarkets around the world went

you take the official pmi numbers which came out of china over the weekend. inventory for example. there were a number of them. you look at that. you understand why there is more risk aversion. there is only so much domestic policy. a lot of these economies are dependent on what happens here. you talk about demand for industrial goods. it doesn't bode well. new zealand is up 7/10 of 1%. anna: you found it. thank you very much. let's get back to our guest. we have talked a little bit about china and the commodity sector. just recap what you think about the state of the chinese economy. it is at a five-month low or a two-year low, depending on which of these meetings you are looking at. >> it is very negative. this is generally the theme. it is difficult to know what that will be. this is a significant headwind. to what degree do they consider china when they consider policy moves? last week there were reports about large carmakers. the couple saying their sales are being. we have a tangible reaction to data back in europe. it is not just the commodities. it ha

official pmi numbers show that manufacturing slipped to a five-month low.timulus has yet to have the desired effect. how do we read this? >> it shows that the third quarter getting a slow start in china. us factory floor is telling that orders are pretty weak. that involves experts. exporters are already under pressure due to the strong you on. -- yuan. rishaad: what about this so-called preempted stimulus they are talking about? does that mean it hasn't happened yet? >> it's the new normal. china needs to get back in the game. people have only had so-so attraction so far but the government can do a lot more to consumerism, to get growth closer to the higher percentiles. rishaad: people have been a looking -- looking at present -- electrical supply. indicatorreal-time often ahead of economic data. the key industry group has warned that things may fall, for the first him in 17 years. consumer -- talking about car sales, honda sales have seen some lift. they are jumping the most in six years. sales are jumping 30%. it goes right to the opposite of what enda w

what's been slightly puzzling is the official data -- it has been -- a veryt weaker poor quarter for manufacturing overall, but the pmi held up and given a much more optimistic signal. is this going to be the start of a rebound now in the official data going into the third quarter, or is the pmi still a little -- mark: what do you think? is it the start of a rebound going into the third quarter? azad: i think there are some signs of a rebound. it is weak, but it's week across the world. we saw in the u.s., the u.k. it is going right across to the emerging markets. mark: in europe whether what we are witnessing right now today, in emerging markets? azad: i think so. most of the strength coming out of europe is domestic demand. it's much better than expected. consumer confidence numbers were out recently. retail sales really saved the german economy in the second quarter. i don't see why that needs to reverse. they are coming to the end of austerity in europe. interest rates are at record lows and they would like it to remain at record lows for quite a long time. there is plenty of support for the domestic economy. mark

we have had some official that that shows the pmi.lowly -- slowly and steadily approaching the massive slowdown, unfortunately. just about manufacturing. it is slightly recovery. exactly. as has the reason is always happened in china, it is issively influenced, which coming to the forefront. international reserves coming down in china for the first time. exports are being under moist. maybe they are not as bad as we see. the slowdown is even faster than what we have seen in the data. >> this is exactly it. we have a lot to cover. you mentioned the data there. it is important to look at how much money the bank has in foreign reserves. that is approaching 100 alien billion. dollars -- euros u.s. dollars. malaysia is dangerously approaching a potential crisis -- potential crisis should >> it is never a crisis. >> what is going on there? >> there is a key data point in malaysia. that is the difference. therefore reserves are extremely important. it is about what we have. means they have to be very careful. they have to be in the right spo

. >> we have some additional pmis out of china overnight. the official one is at 50.oughly in line but others at $47.8. that's a two-year low. you've talked about them being the marginal taker of everything. that explains why there are new raw materials at new lows. >> one of the things that's interesting about china, no hedge fund i talk to trust these numbers, and yet, what would be the real numbers? and i do think there's a general discussion about how much the stock market represents the real economy, and i think the stock market can represent some of the consumer portion of the economy. the so-called real economy, manufacturing side is very bad. that's how you see iron hit and trading a lot. you see a glut. i think people are saying oil, iran comes on total of 1 million a month from now. china is not the marginal taker anymore of oil. the china picture is more grim than i want it to be. europe is better than i want it to be. maybe they could balance out. >> maybe they do but you take a look at copper or more importantly oil. in particular what's happened over the

pmi for july was 47.8. half a percentage point below forecast. the fifth consecutive month of contraction and its lowest level since july 2013. the official released at the weekend was 50, a five-month low. markets are down across asia on concerns about the slowdown in china and the failure of stimulus. a shares in hong kong are headed for the lowest in eight months. shanghai stocks fell more than 2%, led by energy and tech. the greek stock exchange reopens later today after a five-week shutdown to shield the financial system from ruin. the asc has been closed since june 29 having dropped 18% over the previous three months. the closure was another blow to investors who would see the markets give up 80 5% of its value since 2007. let's get more on that story live from athens. bloomberg's international correspondent, hans nichols joins us now. tell us more about these restrictions that will be in place in the athens stock exchange when it reopens. hans: good morning to you from athens. the restrictions only apply to domestic buyers of the stock. they don't apply to international brokers. the restrictions require them to use funds from eithe

pmi. >> athens and it's creditors agreed proposed pension reforms only effect those retired after the end of june. this according to greek labor ministry officials. they're hoping to ratify it's bailout up to 86 billion euros before a debt repayment is due to the ecb later this month as carolyn pointed out earlier greek banks off sharply once again today all essentially close to the limit down amount of 30% declines. the broader athens index off just over 4% of course. only opening after five weeks of closure yesterday. joining us is the fixed income strategist. good morning to you. thank you very much for joining us. just quickly how important are these declines in the stock market in your eyes as an indicator for where greece is today. >> obviously the greek stock exchange is is very small and given that the banks are going to have to have some restructure which presumably involve a big hit to equity holders it's been shut for a long period of time. this doesn't come as a surprise to us and it's not something that we view as hugely significant in terms of wider ramifications. >> the overall situation in greece not fully solved yet. we're in a