ANALYSIS: UNITED STATES JULY PMI OPENING DATA MAY UNDERESTIMATE THE IMPACT OF THE SITUATION IN THE MIDDLE EAST

THE DUTCH COOPERATIVE BANK ANALYST WARNED THAT THE JULY PMI OPENING FOR THE UNITED STATES, TO BE RELEASED TONIGHT, MIGHT NOT FULLY REFLECT RECENT GEOPOLITICAL AND COMMODITY MARKET CHANGES. THE ANALYSTS NOTED THAT THE JULY SURVEY WAS LIKELY TO HAVE BEEN COMPLETED IN THE PAST TWO WEEKS AND THAT, IF A LARGE NUMBER OF INTERVIEWEES HAD RESPONDED EARLIER, THEY MIGHT NOT HAVE FULLY TAKEN INTO ACCOUNT THE CURRENT DEVELOPMENTS IN THE MIDDLE EAST AND THE IMPACT OF THE OIL PRICE INCREASE THIS WEEK, SO THAT THE FINDINGS MIGHT HAVE BEEN BIASED. KIM XIAN