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Think back for a second.June data suggested plenty of fun‘n’sun.PMIs had ticked upfor the most part and new export orders were rising pretty much everywhere.But thissummer turns out to be a little cloudier.Except for China’s Caixin measure，most PMIseased back last month，and so did those new export orders.India’s dipped more thanothers，but that’s partly due to short-term disruptions from the Goods and Services Taxintroduction.We were also struck by the pull-back in Japan’s PMI new export orders，which had an impressive run，but tumbled from 53.4 to 50.9，the lowest in 10 months.
20170810-HSBC-ON_TOP_OF_THE_DATA：FED？WHAT？-126835.pdf
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