PMI numbers, look good but watch ahead

PMIs were good, especially in China, India, and Germany. But don't be fooled.

The morning gave us some PMI numbers to look at. Here is a snapshot:

I think the good one comes from China which had a decent bounce in New Orders and the simple PMI number. As you see in the first chart from Pictet, industrial production is expected to grow into the end of 2021, good for China assets.