2024-02-01 02:35:03 ET
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A private survey data on Thursday showed the manufacturing sector in China for January rose for the third month. The reading is in contrast with official data released earlier in the week that indicated the manufacturing sector shrank for the fourth month.
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The Caixin China General Manufacturing PMI unexpectedly was at 50.8 in January 2024, the same as December's figure but above market forecasts of 50.6, marking the third straight month of growth in factory activity, contrasting with official data that showed an extended weakness ahead of a Lunar New Year celebration.
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Output growth was stable, with foreign sales growing for the first time in 7 months while new orders grew the least since last October. Supply chains improved for the third time in the past 4 months.
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China also unveiled new property support measures amid concerns about the fallout from Evergrande’s liquidation , providing some support to the equity market.
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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 )...
More on China economy:
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China stocks end at five-year low as rescue bets fade amid macro concerns
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China's factory activity contracted for fourth straight month in January amid soft demand
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Liquidation of property giant Evergrande may spell more trouble for China's economy
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Chinese regulators have implemented curbs on short-selling to firm up the stock market
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China to cut bank's reserve ratio in early February to boost economy
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China's manufacturing PMI grows for third straight month - Caixin PMI