2024-01-31 01:58:23 ET
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The official NBS Manufacturing PMI in China was at 49.2 in January 2024, matching market forecasts while edging higher from December's 6-month low of 49.0.
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It was the 4th straight month of contraction in factory activity, as Beijing struggled to spur economic recovery amid deflation pressure, feeble demand, and persistent weakness in the property sector.
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The official NBS Non-Manufacturing PMI for China edged up to 50.7 in January 2024 from 50.4 in December, slightly above market forecasts of 50.6, marking the 13th straight month of expansion in services activity and the strongest pace since last September, despite falls in new orders, foreign sales, and employment.
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The NBS Composite PMI Output Index in China increased to 50.9 in January 2024 from 50.9 in the previous month, marking the highest reading since last September.
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Meanwhile, the country's services sector growth accelerated to a four-month high in January.
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Chinese equities also remained under pressure from property sector woes and fears of a wider US ban on Chinese biotechnology, semiconductor and artificial intelligence firms.
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ETFs: ( FXI ), ( KWEB ), ( CQQQ ), ( MCHI ), ( ASHR ), ( YINN ), ( TDF ), ( CHIQ ), ( GXC ), ( EWH ), ( KBA ), ( YANG ), ( CXSE ), ( CAF ), ( CWEB ), ( PGJ ), ( KURE ), ( CHIX ).
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Currency: ( CNY:USD )...
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China Equity Slump Continues, While Dollar Extends Consolidation
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China's factory activity contracted for fourth straight month in January amid soft demand