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pleased to find Bloomberg.com and of course on the Bloomberg.

pleased to say that joining me in the studio alongside Tom Kean and myself here in New York

Ian Shepherson, Pantheon economics,

Chief Economist, good morning to you, Ian.

Good morning.

Let's start with that data out of China, sub 50 for a fifth straight month, not great, but

small signs of improvement in the Chinese data you'll read this morning please

Ian yes definitely less bad you notice I didn't say better but less bad yeah less bad and on the

Kaishin index which is the unofficial PMI survey, which tends to capture the views

of smaller private companies and not so many of the big SOEs, substantially better, but also very volatile.

So certainly I'd rather see these numbers and weaker numbers, but it's too early to get the flags

out, it's too early to say this is the major turning point and also you know looking at the

...