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(Sharecast News) - Chinese manufacturing sector activity recorded a fifth consecutive month of recovery, the results of a key survey showed.
The National Bureau of Statistics factory sector Purchasing Managers' index rose from a reading of 50.9 for June to 51.1 in July, led by an improvement in a gauge for new orders.
Analysts also noted the rise in a sub-index for export orders, a sign that the headwinds from overseas were abating.
A separate PMI for non-manufacturing, which is roughly equivalent to services, dipped from 54.4 to 54.2, while that for construction rose from 59.8 to 60.5.
Meanwhile, a so-called composite PMI edged down from 54.2 to 54.1.
According to Julian Evans-Pritchard at Capital Economics, the construction PMI was consistent with fiscal stimulus from Beijing still finding its way into infrastructure projects, with all of the PMIs combined pointing to an extension of the rapid economic rebound into the second half of 2020.
His interpretation of the survey results however was that export orders would continue to stagnate over coming months.
17 Apr 2024 16:42
Morgan Stanley, HSBC cutting Asia investment banking jobs on China deals slowdown
HONG KONG, April 17 (Reuters) - Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region this week, sources said, as they ramp up cost-cutting, with weaker dealmaking and sluggish markets in China and Hong Kong weighing on business prospects.
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