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A closely watched private index on Chinese manufacturing slips, as expected

Monday, Jul 02 2018
A closely watched private index on Chinese manufacturing slips, as expected

The private Caixin/Markit manufacturing PMI came in at 51.0, slightly lower from 51.1 in May as new export sales fell for the third straight month, said a joint press release. Economists polled by Reuters had expected the Caixin/Markit index to slip to 51.0 in June from May. On Saturday, China released its official PMI which also showed manufacturing activity fell — to 51.5 in June from 51.9 in May. The June new export orders index contracted for the first time since February, dropping to 49.8 from 51.2 in May.

The Caixin/Markit index for new export orders fell to its lowest level this year and was in contraction territory "pointing to a grim export situation amid escalating trade disputes between China and the U.S., which led to weak demand across the manufacturing sector," said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a Caixin subsidiary.

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