China shares slip as economic pulse sluggish
- 8 years ago
Chinese shares stumbled lower on Monday after an official measure of activity in the giant factory sector fell to its lowest since mid-2012, offering no respite from the economic drift that has dogged markets for months.
The official version of the PMI survey for manufacturing slipped to 49.4 in January, from 49.7 the month before and short of forecasts of 49.6.
A private survey - the Caixin/Markit China Manufacturing PMI - underscored the trend by showing factory activity shrinking for the 11th straight month.
"The manufacturing sector will likely face a tough year ahead on the back of overcapacity, weakening global demand, and government's plans to tackle pollution," said ANZ's chief China economist, Li-Gang Liu.
The official version of the PMI survey for manufacturing slipped to 49.4 in January, from 49.7 the month before and short of forecasts of 49.6.
A private survey - the Caixin/Markit China Manufacturing PMI - underscored the trend by showing factory activity shrinking for the 11th straight month.
"The manufacturing sector will likely face a tough year ahead on the back of overcapacity, weakening global demand, and government's plans to tackle pollution," said ANZ's chief China economist, Li-Gang Liu.