News Snapshot:
PMI Release Takeaway: We knew August economic data was going to be ugly due to the one-two punch consisting of floods and the Delta quarantine in Ningbo, the world’s third-largest port. The “official” purchasing managers index (PMI) is a broad survey of predominantly large companies that compares economic activity on a month-over-month basis. September data is likely to increase from August, though August’s reading raises the likelihood that policymakers will provide economic support, giving credibility to the rumor that another bank reserve requirement ratio cut (RRR) could be in the works. The RRR cut would free up capital for lending...
