Yes, the PMI together with some troubling remarks out of the ECB in Europe regarding bank loan issues are the reasons for this negative market tune right now.
You know the real funny thing is that if the PMI would have come in at 60 people would have interpreted it as a negative as well. No matter what China just can't get it right with the market out there. People complain if the growth is too big because of other tightening measures but if any data comes in just slightly below any estimates the market is disappointed as well. How can China and especially our sector ever win? lol
Weaker PMI - if that's the reason for the plunge then the market reaction is totally unreasonable. Now that China's measures to keep the economy from 'overheating' - something everyone has called for - are apparently beginning to work out, the market is whining about it. Silly.
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