KURE - China's Caixin manufacturing PMI bounce back to expansionary territory in May amid stronger increase in output

2023-06-01 01:34:41 ET

• The Caixin China General Manufacturing PMI unexpectedly rose to 50.9 in May 2023 from 49.5 in April.

• Output rose the most in 11 months, new order growth was at 2 year-high, and foreign sales continued to increase.

• Meantime, buying activity expanded the least in 4 months; while employment fell at the steepest pace since February 2020, with backlogs down for the first time in 5 months.

• Finally, sentiment slipped to a 7-month low, on concerns over lingering uncertainty, particularly from overseas.

• "Current economic growth lacks internal drive and market entities lack sufficient confidence," highlighting the importance of restoring demand," said Dr. Wang Zhe, an economist at Caixin Insight Group.

• ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ), ( CYB ).

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