Bankinter | Positive activity data in February, deepening in the expansion zone (>50). RatingDog Composite PMI: 51.6 against 51.3 previously; RatingDog Services PMI: 56.7 against 52.3 expected and 52.3 previously. RatingDog Manufacturing PMI: 52.1 against 50.1 expected and 50.3 previously.
Bankinter analysis team’s view: Positive reading of the private activity register (RatingDog), although it contrasts with the official figures also released on Wednesday, which show a slight deterioration: Manufacturing PMI 49 compared to 49.2 expected and 49.3 previously, and Services PMI 49.5 compared to 49.7 expected and 49.4 previously.
Neither figure provides a clear picture of the evolution of economic activity in China, which ended the year growing below its historical average. It should be remembered that one of the countries most affected by the energy blockade in the Persian Gulf is China, as it imports 50% of its oil through the Strait of Hormuz.
