This can’t be good: HSBC’s China Manufacturing PMI was down from 49.6 to 49.2 (vs. consensus of 49.6). The Markit Eurozone Manufacturing PMI printed at 51.9, down from 52.2 (consensus: 52.6). And the US Markit Manufacturing PMI came in at 54.2, down from 55.7 in March (consensus: 55.7). US new home sales also got crushed, printing at 481,000 vs. a consensus expectation of 481,000.

The US number was farthest from consensus–in fact, it was the biggest miss since the Markit series began in 2012. We don’t take the Markit number too seriously. The Institute for Supply Management PMI has a broader base of respondents and a much longer history. The Eurozone number is a bit less concerning: anything that indicates a pulse in Europe is good news, and the German government yesterday boosted its 2015 GDP forecast to 1.8%. But Asia Unhedged is concerned about the state of global growth.

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