htmlIn November, the world's asset output PMI index data was 48.8, a decrease of 0.5 percentage points from the previous month. Half of the most important national birth industry PMI readings are located in the contraction range and the regional differentiation tends to be significant, showing the characteristics of "Europe is weak, Asia is subsequently downward, and the United States falls below the boom and bust line ". polyolefin is unable to survive alone when its global financial assets are sluggish.
html November data stated that the world's industries continued to sluggish, the probability of a global economic recession further increased, macro demand further decreased, economic recovery staggered, aggravating the weakening trend of commodity , led by the world's crude oil value. Polyolefins are difficult to survive when manufacturing industries around the world are sluggish. fundamentals supply on will grow in the future, while demand is relatively calm. The polyolefin market will remain weak and fluctuate in the short term.
html In November, the global production industry PMI data of JP Morgan was 48.8, and then it was below the boom and bust line, continuing the downward trend since February. In the following 9 months, was down month-on-month , and was below the boom and bust line for 3 months. The most important thing about the decline in the PMI in the world is related to the continued weakening of conditions. The new order index of the world's industry has been in the contraction range for five consecutive months, and the sub-target is still declining in November. Specifically, the PMI of the production industry in Asia and America both dropped below 50%, and the industry was facing a contraction burden; although the PMI of the European manufacturing industry returned compared with last month, it was still below 48%, and the industry maintained a weak operating trend; the PMI of the production industry in Africa continued to rise slightly, slightly exceeding 50% for two consecutive months, and the industry recovered, but there is still uncertainty.
htmlThe world's asset output PMI target data in November was 48.8, a decrease of 0.5 percentage points from the previous month. Half of the most important countries' industrial PMI readings are located in the contraction range and the regional differentiation trend is significant, showing the characteristics of "Europe is weak, Asia is subsequently downward, and the United States falls below the boom and bust line." Euro manufacturing industry in November PMI index rose from 46.4 in the previous month to 47.1, and was below 50 for five consecutive months. It is estimated that European biotech industry will continue to be in the contraction range in the fourth quarter, and it is difficult to bottom out in the short term.
US November ISM bio-assets 49 (top 50.2), fell below the 50 boom and bush line for the first time since May 2020. Watch the details of new orders 47.2 (top 49.2), which continued to shrink, causing the unreached orders 40 (top 45.3), and at the same time, the consumer-side storage 48.7 (top 41.6), which significantly increased, indicating that US bio-assets continue to be in the fourth stage of sales storage, while new export orders 48.4 (top 46.5) still maintained a contraction, and all the requirements of the United States and overseas were weak. In Asia, the manufacturing PMI in major Asian countries continued to decline in November. Under the influence of factors such as the epidemic and the shrinking of economic conditions around the world, Asian assets exported also faced inevitable downward pressure, but the market is still optimistic about the prospects for the recovery of the Asian economy.
htmlIn November, the target data of the acquisition manager of the Huaxia official biotechnology industry (PMI) was 48.0%, down 1.2 percentage points from the previous month, lower than the critical point, and the prosperity of the production and operation of the biotechnology industry has been reduced compared with last month. From the perspective of enterprise size, the PMI differences between large, medium and small companies are 49.1%, 48.1% and 45.6%, which is 1.0, 0.8 and 2.6 percentage points lower than the previous month, all lower than the critical point. The target data of the biotechnology industry has been below the critical point for two consecutive months, and the downward pressure on biotechnology assets has increased. The epidemic is frequent, and both ends of production and demand continue to slow down.
Huaxia's official production industry PMI slowed to 48 (top 49.2), hitting a 6-month low. Most of the key points and details showed a slowdown, with new orders of 46.4 (top 48.1) and export orders of 46.7 (top 47.6). The reaction conditions were severely impacted by epidemic prevention policies, and production activities continued to be sluggish 47.8 (top 49.6), resulting in a accumulation of 48.1 (top 48) in the next four months of storage of finished products. In November, the official non-biological industry NMI slowed to 46.7 (top 48.7), and the downturn in the real estate market significantly reduced construction activities, and the zero-clearing policy continued to crack down on service industry operations. Fortunately, China has gradually expanded its lockdown measures at the beginning, and the negative impact of the epidemic will gradually shorten in the future.The key point is to worry about whether the long-term lockdown will cause periodic damage to China's economy. For example, the employment situation expressed by the official and Caixin showed a sharp contraction. The official practitioner index hit a new low since Shanghai was locked down in April this year, and the Caixin employment indicator data hit the lowest since February 2020. The wave of company bankruptcy and the low willingness to hire may affect China's internal demand and consumption momentum in the medium and long term.
China-US PMI representative new orders and new export orders are both in the contraction range, reflecting that the global commodity conditions are still slowing down, and watching the progress of destocking , the storage of buyers in China and the United States is still accumulating. Overall, the cost burden faced by asset delivery is improving, but it still takes time to improve new orders and manufacturers' harvesting capabilities. Overall, the global bioasset industry indicator data is still in a downward stage. For polyolefin products, the new volume may be fulfilled at any time during the domestic internal production cycle, but downstream requests are still weak and there is no significant characteristic in basic face. As international crude oil continues to hit a new low this year, the cost of foreign petrochemical industry has been lowered, and the window for imported polyolefins has opened to put pressure on domestic polyolefins. In the short term, polyolefins will fluctuate.
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