Official data shows unexpected contraction in China factory activity
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Shares in Asia-Pacific were mixed on Thursday, as investors reacted to the release of Chinese factory activity data for September.
Shares in Asia-Pacific were mixed on Thursday, as investors reacted to the release of Chinese factory activity data for September.
Mainland Chinese stocks closed higher, with the Shanghai composite up 0.9% to 3,568.17 while the Shenzhen component jumped 1.634% to 14,309.01. Hong Kong’s Hang Seng index, on the other hand, fell 0.55% as of its final hour of trading.
China’s official manufacturing Purchasing Managers’ Index for September came in at 49.6, below expectations for a reading of 50.1 by analysts in a Reuters poll.
PMI reading below 50 represent contraction while those above that level signify expansion. PMI readings are sequential and represent month-on-month expansion or contraction.
Meanwhile, a private survey on Chinese factory activity in September came in above expectations, with the Caixin/Markit manufacturing PMI for the month rising to 50 for the month as compared with August’s reading 49.2.
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