China’s Factory Deflation Eased in June With Recovery on Track By Bloomberg



© Reuters. China’s Factory Deflation Eased in June With Recovery on Track

(Bloomberg) — China’s factory deflation eased back in June as the economic recovery continued, while consumer inflation ticked up.

  • The producer price index registered a 3% decline last month from a year earlier, compared with the 3.7% drop in May.
  • The consumer price index rose 2.5% on year following a 2.4% gain the previous month, the National Bureau of Statistics said Thursday. That was the same as the median forecast.
  • The statistics bureau earlier published statements dated 2019 which were then withdrawn.

Key Insights

  • Pork prices, a key element in the country’s CPI basket, rose almost 82%. Pork prices have started rising again due to supply issues including floods and restrictions on meat plants overseas which had seen coronavirus outbreaks.
  • Core inflation, which removes the more volatile food and energy prices, slowed to 0.9%.
  • The recent serious flooding in central China may affect food supplies, which would push up prices for corn and rice.
  • However, “supply-side shocks caused by floods tend to be temporary, unlikely to create persistent inflationary pressure,” China International Capital Corp. economists Liu Liu and Peng Wensheng wrote in a note this week. The growth rate of consumer inflation should slow in the second half of this year due to the high base last year, they wrote.
  • The “economic recovery should continue following the recent rebound in the second quarter. Domestic consumption will likely improve further with continued policy support and activity normalization, assuming no significant re-emergence of new cases, while infrastructure investment is likely to strengthen,” UBS economist Wang Tao wrote in a note this week. “We expect policy to remain supportive, while the recent recovery has reduced incentive for bigger stimulus in the near term.”

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  • The official gauge of manufacturing activity climbed in June, providing more evidence of a gradual recovery from the historic contraction in the first quarter. The earliest indicators for the economy also pointed in the same direction.
  • That progress and the recent rally in the stock market provide some evidence of a rebound, but with the pandemic still hitting global demand, it’s unclear how long that will last.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



China’s producer prices extend declines but recovery signs emerge By Reuters



© Reuters. FILE PHOTO: Employee works on a production line inside a Dongfeng Honda factory in Wuhan

By Stella Qiu and Ryan Woo

BEIJING (Reuters) – China’s factory gate prices fell for a fifth straight month in June as the coronavirus pandemic weighed heavily on industrial demand, although signs of a pickup in some parts of the sector suggest a slow economic recovery remains intact.

The producer price index (PPI) in June fell 3.0% from a year earlier, China’s National Bureau of Statistics (NBS) said in a statement on Thursday, slower than a 3.2% fall tipped by a Reuters poll of analysts and a 3.7% decline in May.

However, in a sign of potential improvement in the manufacturing sector, PPI rose 0.4% from the previous month, turning around from a 0.4% decline in May.

“The change was driven by an across-the-board increase in raw materials, manufactured goods and consumer goods price inflation,” said Martin Rasmussen, China Economist at Capital Economics, in a note after the data release.

“With fiscal stimulus and infrastructure spending still ramping up, we think that economic activity and producer prices are set to recover further in the coming months.”

Indeed, orders for infrastructure materials and equipment have helped industrial output recover faster in China than most places emerging from COVID-19 lockdowns, but further expansion will be hard to attain without stronger broad-based demand and exports.

ANZ expects China’s PPI will stay in deflation this year, with declines averaging around 2.0% due to the prolonged pandemic.

Even with signs of a moderation in China’s upstream deflation, “it remains debatable if the unprecedented extent of policy stimulus will lead to a quick rebound in industrial inflation,” said Zhaopeng Xing, China Markets Economist at ANZ.

An official survey on the manufacturing sector last week showed activity expanded in June although still at a modest pace, as Beijing’s success in drastically reducing the number of new coronavirus infections allowed it to reopen its economy.

But export orders have continued to contract, reflecting the widespread global impact of the COVID-19 pandemic. Many Chinese manufacturers are grappling with falling profits and have been forced to let workers go to cut costs.

The pandemic, which has infected more than 12 million and killed about 546,000 globally, has sunk world demand and sent many economies into deflation as factories and retailers shut their doors.

The inflation data also showed consumer prices rose 2.5% from a year earlier, in line with forecasts and slightly faster from 2.4% growth in May.

Core inflation – which excludes food and energy costs – remained benign last month at 0.9%,easing from May’s rise of 1.1%.

Some analysts have recently warned of inflationary pressures from the heavy floods across a large part of the country this summer, which could hit vegetable supplies and drive a surge in prices.

China’s economy is expected to return to growth in the second quarter, as it recovers from the sharp contraction in the January-March quarter when the coronavirus outbreak in the mainland reached its peak.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Russia’s Putin, China’s Xi agree to boost economic cooperation By Reuters


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© Reuters. Russian President Vladimir Putin takes part in a a video conference call outside Moscow

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MOSCOW (Reuters) – Russian President Vladimir Putin and Chinese President Xi Jinping agreed to boost economic cooperation, including in energy and civilian aircraft manufacturing, the Kremlin said on Wednesday after they talked by phone.

In a statement, the Kremlin also said that both Putin and Xi praised Russia’s and China’s mutual help in tackling the coronavirus pandemic during its peak.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



China’s FX Reserves Rose for Third Month as Outflows Stay Muted By Bloomberg



© Reuters. China’s FX Reserves Rose for Third Month as Outflows Stay Muted

(Bloomberg) — China’s foreign-currency holdings rose last month, signaling that capital outflow pressures remain muted.

  • Reserves climbed to $3.112 trillion from $3.102 trillion in the previous month, the People’s Bank of China said on Tuesday.

Key Insights

  • The reading is lower than the median estimate of $3.119 trillion in a Bloomberg survey of economists
  • The value of gold reserves rose again to $110.8 billion
  • Table: China’s End-June Forex Reserves at $3.1123 Trillion
  • “Capital outflow pressures may have eased a bit, as the yuan appreciated against the dollar by 1.1% last month,” Wang Tao, chief China economist at UBS Group AG (NYSE:) in Hong Kong, wrote in a note before the data release. “We estimate June’s valuation effect from reserve currencies’ movement was a gain of $9 billion.”

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  • “The depreciation of the greenback and rising asset prices of major economies have pushed up the size of reserves, according to a statement from SAFE

©2020 Bloomberg L.P.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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China’s factory activity expands, but job losses quicken amid weak exports: Caixin PMI By Reuters


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© Reuters. FILE PHOTO: A Boeing 737 MAX airplane lands after a test flight at Boeing Field in Seattle

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BEIJING (Reuters) – China’s factory activity grew at a faster clip in June after the government lifted coronavirus lockdown measures and ramped up support steps, but the health crisis continues to pressure exports and jobs, a private business survey showed on Wednesday.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) rose to 51.2 last month, the fastest pace of growth since December, and up from May’s 50.7. The 50-mark separates growth from contraction on a monthly basis.

Analysts polled by Reuters had expected a reading of 50.5.

China’s economy is gradually emerging from a sharp 6.8% contraction in the first quarter, with much of the country reopened after weeks of disruptions early in the year due to strict lockdown measures.

But demand remained subdued, as many manufacturers are still struggling with reduced or cancelled overseas orders amid faltering global demand.

While some of China’s trading partners are easing curbs and re-booting their economies, many are still grappling with the pandemic while a surge of worldwide infections over the past week has raised the risk of a deeper and prolonged global recession.

Consumers have also remained cautious amid job losses and fears of a fresh wave of infections in China as a cluster emerged in Beijing last month.

New export orders stayed firmly in contractionary territory, the survey showed, although the downturn eased from the sharp slump in May.

“Overall manufacturing demand recovered at a fast clip, but overseas demand remained a drag,” said Wang Zhe, senior economist at Caixin Insight Group.

The government has already rolled out a raft of easing steps this year, including reserve requirement cuts and targeted lending support and tax breaks for virus-hit firms. It has also ramped up local bond issuance in the hopes of spurring infrastructure growth.

Despite a pick-up in domestic orders, the uncertain outlook forced factories to cut payrolls for the sixth consecutive month, with the pace of job shedding accelerating. Avoiding mass unemployment is a top government priority, with a target to create over 9 million urban jobs this year.

“We should still pay attention to the pressure on employment. Top policymakers have repeatedly stressed the importance of expanding employment channels. For some time to come, increasing employment will remain an arduous task,” Wang said.

Given the uncertain outlook, the government said in late May it was not setting an annual growth target, for the first time since 2002.

An official survey on Tuesday also showed China’s factory activity grew at a quicker pace in June but smaller firms were still suffering and exporters struggled with shrinking orders, pointing to an uneven recovery.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Soft underbelly in China’s steel sector boom points to bumpier economic recovery By Reuters



© Reuters. Worker walks past steel rolls at the Chongqing Iron and Steel plant in Changshou

By Enrico Dela Cruz and Min Zhang

MANILA/BEIJING (Reuters) – Behind the boom in China’s steel production since March – and hopes for a quick economic recovery – is a tale of two diverging sectors: construction demand for infrastructure projects has been strong, while manufacturing has been slower to bounce back.

That highlights the challenge facing policymakers as Beijing and local governments can control the pace of spending on projects like roads, rails and reservoirs, but have very limited options to support exports or domestic demand for machinery and appliances.

The soft underbelly in China’s steel revival following the coronavirus outbreak is about to be thrown into stark relief by a seasonal downturn at building sites, analysts say, and points to a more protracted recovery for the world’s second-largest economy from a once-in-a-century pandemic.

“There is only so much China’s steel industry can do while the rest of the world struggles,” said Daniel Hynes, senior commodity strategist at ANZ.

CRITICAL COG

China’s mammoth steel sector has long been a central pillar of its industrial powerhouse, employing hundreds of thousands of workers who churn out vital raw materials for industry and support scores of ancillary logistics and processing businesses.

The economy shrank 6.8% in the first quarter, the first contraction in decades, hit by the new coronavirus which emerged in China late last year.

The surge in steel output to all-time highs in May raised hopes that the heart of the economic engine is recovering well, and may help resuscitate growth at home and globally.

Yet amid the recent sector-wide bustle has been a lopsided reliance on metal demand from construction sites that has partially masked weakness from manufacturers and calls into question the robustness of the steel boom as well as how quickly China can restore growth.

(GRAPHIC: China’s GDP vs crude steel output – https://fingfx.thomsonreuters.com/gfx/ce/yzdvxdlmzvx/Annotation%202020-06-19%20115357.jpg)

“The market appears to be relying too heavily on expected infrastructure stimulus in China to boost demand,” ANZ’s Hynes said.

REBAR RELIANCE

Demand for the main steel products used in construction – rebar and wire rod – has accounted for an average over 53% of total steel demand since late March, according to calculations based on figures from data-tracking firm Mysteel.

That compares to an average of 47.5% for all of 2019, and 51% for the same period in 2019.

(GRAPHIC: Seasonal steel demand by product in China – https://fingfx.thomsonreuters.com/gfx/ce/nmovakealva/SeasonalSteelDemand2020.png)

At the same time, demand for the main steel products used by manufacturers – hot-rolled coil (HRC) and cold-rolled coil (CRC) – has been well below normal, averaging 35% of total demand since late March compared to 40.4% on average in 2019.

Stocks of rebar have also fallen faster than other steel products, dropping by 51% since peaking in mid-March.

(GRAPHIC: Seasonal steel stocks by type in China – https://fingfx.thomsonreuters.com/gfx/ce/gjnvwymdbvw/SeasonalSteelStocks2020.png)

Given the extent of lockdowns in many of China’s trading partners, sluggish factory demand is not too surprising and could persist for many more months.

Yet the surge in overall steel production – driven by a 59% jump in rebar and 40% rise in wire rod output since mid-March – suggests the sector is at risk of over-supplying the market just as demand is expected to take a hit from rained-out work sites, especially across the South.

(GRAPHIC: Seasonal steel production by type – https://fingfx.thomsonreuters.com/gfx/ce/dgkvlwnyxpb/SeasonalSteelOutput2020.png)

The monsoon season, which runs through August, arrived 10 days earlier than normal in southern China this year, causing widespread floods that have already stopped work at some sites.

“We are now about to enter the traditional slack season for steel consumption,” said Richard Lu, senior analyst at consultancy CRU in Beijing. “It will largely depend on the weather, and we should see some decline at least starting from July, if not late June.”

(GRAPHIC: China steel vs iron ore futures prices – https://fingfx.thomsonreuters.com/gfx/ce/gjnvwydglvw/612c.jpg)

The most-active rebar contract has rallied 14% from April 1.

DEMAND DEPRESSION

While construction materials are losing demand momentum, flat steel use has been plagued by the global economic contraction and that has kept China’s factories underpowered.

(GRAPHIC: Exports of home appliances from China – https://fingfx.thomsonreuters.com/gfx/ce/oakpeqwznpr/612e.jpg)

Sales of steel-heavy items like autos and machines have fallen this year, with China’s auto exports dropping 16.9% in the first five months, and home appliance exports – worth $77.8 billion in 2019 – down 9.1%.

Direct metal exports have also dropped.

STIMULUS TEST

To offset lower global demand China’s policymakers have unveiled stimulus measures aimed at reviving consumption and supporting large infrastructure projects including key industries.

(GRAPHIC: Monthly output for main home appliances in China – https://fingfx.thomsonreuters.com/gfx/ce/xlbvggerdvq/612d.jpg)

However, the uneven steel demand shows the limits of Beijing’s stimulus, which comes with its own risks, and points to a bumpy economic recovery.

“The Chinese government does not want to spend a lot on stimulating the economy because that also means having to pile up debts,” said Iris Pang, ING chief economist for Greater China.



JPMorgan gets China’s nod for first fully foreign-owned futures business


HONG KONG (Reuters) – China on Thursday approved JPMorgan’s (JPM.N) application to operate the first fully foreign-owned futures business, as the world’s second-largest economy pushes ahead with opening its multi-trillion-dollar financial market.

FILE PHOTO: The JP Morgan sign is pictured at its Beijing office, in this picture taken December 13, 2010. Picture taken December 13, 2010. REUTERS/Jason Lee/File Photo

The latest regulatory approval for a U.S. financial services company coincides with tension between Beijing and Washington, increased by the COVID-19 pandemic and China’s move to impose security legislation on Hong Kong.

JPMorgan reportedly sought full control of its China futures joint venture last December as Beijing moved to scrap caps on foreign ownership. The futures industry in China is dominated by local players.

The China Securities Regulatory Commission (CSRC) said in a statement posted on its website the approval would bring in more qualified foreign players.

JPMorgan had no immediate comment.

China’s central bank on Saturday gave the final nod to a network clearing licence for an American Express (AXP.N) joint venture, allowing it to be the first foreign credit card company to launch onshore operations in China.

The approval for JPMorgan to launch its futures business follows on from other licences the bank has received in the last six months to increase its shareholding in other financial services business in China.

Caps on the foreign ownership of futures companies were scrapped at the start of this year.

China is a “critical market” for clients globally, JPMorgan CEO Jamie Dimon said in December when the bank received approval to establish a majority-owned securities joint venture, offering brokerage, investment advisory and underwriting services.

In April, the biggest bank in the U.S. said it would raise its stake in a Chinese mutual fund venture to 100%.

Reporting by Noah Sin and Sumeet Chatterjee in Hong Kong, Lusha Zhang in Beijing and Andrew Galbraith in Shanghai; Editing by Mark Potter and Barbara Lewis



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China’s meat importers fret about delays as port runs virus tests By Reuters


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© Reuters. FILE PHOTO: Worker checks containers at a logistics center near Tianjin port

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By Dominique Patton and Hallie Gu

BEIJING (Reuters) – China’s meat importers fear clearing delays and a hit to demand after one of the country’s major ports began requiring coronavirus tests for all meat and seafood containers to prevent contamination.

Tianjin on the northern coast, the primary port for Beijing, started testing batches from every arriving container on Monday, two importers and an official briefed on the matter said.

Tianjin port and customs officials did not respond to calls seeking comments.

The government of Shanghai, another major port for meat imports, said on Wednesday its customs would strengthen inspections of imported meat, seafood and fresh fruit and vegetables.

It did not specify if it would also carry out coronavirus tests.

China is the world’s top meat importer and many meat exporting nations, including the United States and Brazil, have seen thousands of cases of COVID-19, the disease caused by the novel coronavirus, among meat plant workers.

Authorities usually conduct food safety tests on a random sample of about 10% of frozen meat shipments, Grace Gao, manager at Dalian-based meat importer Goldrich International, said.

Now, every container in Tianjin is opened and boxes pulled out for coronavirus tests, she said.

The move by Tianjin, 110 km (70 miles) from Beijing, follows a fresh coronavirus outbreak linked to a wholesale food market.

“Each batch of beef, or all beef produced on the same date, must be tested for the virus,” a manager at Haiyunda Trading, who only gave his surname Fu, said.

Any meat in cold storage that arrived after March 1 must also be sealed and tested before it can leave the port, Fu said.

Gao, who has shipments arriving this week in Guangzhou, Tianjin and Shanghai, is worried the tests will cause a backlog, particularly given the large volume of pork that has arrived in China in recent weeks.

The United States Meat Export Federation said so far it had seen minimal disruption of U.S. shipments.

The U.S. Food and Drug Administration was aware China would begin testing seafood and meat, spokesman Peter Cassell told Reuters.

But he said the regulator did not know of any cases of COVID-19 linked to these foods or of any transmission from food or packaging.

“The FDA is not currently aware of any evidence to suggest that food produced in the United States or imported from countries affected by COVID-19 can transmit this respiratory virus,” he said.

Importers fear other ports may follow Tianjin and Gao said any positive test would destroy consumer demand.

Fu said he was trying to import from regions and countries where COVID-19 is less severe, such as northern Europe and Kazakhstan.

“If test results for products from certain countries or factories turn out to be problematic, imports from those places could be suspended,” he said.



China’s Power Giants Prepare for World’s Biggest Carbon Market By Bloomberg



© Reuters. China’s Power Giants Prepare for World’s Biggest Carbon Market

(Bloomberg) — China’s state-owned power giants have been asked to prepare reports on historical emissions that officials will use to set up the world’s largest carbon market, according to people familiar with the request.

The China Electricity Council has asked firms for submissions by July, said the people, who asked not to be identified because the information isn’t public. The council will use the data to help determine the number of carbon allowances power generators can vie for when the market launches.

The Ministry of Ecology and Environment, which will oversee the market, published a draft allocation plan last year after consulting with the council. It has since decided that the data wasn’t accurate and has asked for it to be redone with direct input from the utilities, according to the people. Officials at the ministry and at the council, an industry group representing power generators, didn’t return calls seeking comment.

China’s biggest power generators include China Energy Investment Corp., China Huaneng Group, State Power Investment Corp. and China Datang Corp. Emails sent to company officials requesting comment on the submissions were not immediately returned Thursday.

Greenhouse Gas

China is aiming to set up a national carbon market this year to cover the power sector, which accounts for half of the fossil fuel-derived emissions in the country and 14% of the entire world’s. The exchange in Shanghai that will host the market recently completed testing on the electronic platform that will trade the emissions.

The world’s top energy consumer is tapping financial market mechanisms to help cut greenhouse gases, a move expected to create the world’s biggest forum for trading carbon emissions. The program will force utilities to buy permits to pollute, and so help counter the impact of rising electricity usage on efforts to contain global warming.

The emissions allowances will be key to the market’s success — and a likely source of contention. The government will essentially give power generators permits to spew-out a certain volume of greenhouse gases, and then the companies will be free to buy or sell them on the open market.

If the initial allowance is too high, then the permits will be cheap to obtain and will offer little incentive to generators to reduce emissions. Too low, and the cost of the permits will be a financial drag on the utilities, just when China needs cheap power to help buttress growth as it recovers from the coronavirus.

Analysts have speculated that the market’s launch could in any case be delayed by disruptions related to the pandemic. The council’s request coming so late in the year doesn’t bode well for getting the market up and running in time to affect 2020 emissions, according to the people.

©2020 Bloomberg L.P.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



China’s service sector activity expands at faster pace in May: official PMI By Reuters



© Reuters.

BEIJING (Reuters) – Activity in China’s services sector expanded at a faster clip in May as measures to contain the coronavirus outbreak were lifted, official data showed on Sunday, suggesting business and consumer confidence may slowly be improving.

The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 53.6 in May, from 53.2 in April, the National Bureau of Statistics said. The 50-point mark separates growth from contraction on a monthly basis.

China’s services sector, which includes many smaller, private companies, has not recovered from the health crisis as quickly as manufacturing, with heavy job losses, pay cuts and fears of a second wave of infections making consumers cautious about spending again.

The official May composite PMI, which includes both manufacturing and services activity, remained flat at 53.4 from April.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.