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china s domestic economy following pmi readings in july. the nonfarm payroll with anything short of the predicted 95,000 figure likely to boost hopes from the fed. china s pmi, we got the latest revised or final eu services pmi. 47.9. 47.6 flash. four month high. business expectations 50. it was 50.1 in the flash. that has lowered since march 2009. so the final composite pmi 46.5, flash 46.4. what they are concerned about is a sharp drop in new orders compounding this suggesting a lower start. james shuk is a senior economist and joins us. mr. draghi yesterday talked about the risk to the economic growth to the down side. if we keep getting these sort of pmi numbers might we get a rate cut next month? i m not sure a rate cut is high on the agenda of the policy option the ecb is considering. look, i think he alluded back in june when they didn t revise the growth forecast for this year there would be a revision later in the year downward. we think that these sort o ....