KURE - China Services PMI drops to 5-month low amid moderated demand

2023-07-05 02:22:45 ET

• The Caixin China General Services PMI fell to 53.9 in June 2023 from 57.1 in the previous month.

• The reading pointed to the sixth straight month of expansion in services activity but the softest pace since January, as weakening demand weighed on post-pandemic recovery momentum.

• The survey said “business activity and new orders both expanded at notably slower rates than seen in May, as some firms reported softer than expected market demand.”

• New orders eased to a six-month low amid reports of new export business grew solidly, despite the rate of increase edging down to the softest since January.

• Meanwhile, employment climbed for the fifth consecutive month, with the speed of job creation being the strongest in three months.

• Finally, business sentiment improved for the first time in five months amid hopes of stronger economic conditions and greater amounts of new work to support growth.

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

• Earlier this week, China's Caixin Manufacturing PMI falls less than expected to 50.5 .

For further details see: