Market Commentary - Foreign Markets
Chinese Markets Gain Modestly After PMI Data As on : 01-Jul-24  17:09

China's Shanghai Composite index jumped 0.92 percent to 2,994.73 after the Caixin Manufacturing Purchasing Managers' Index (PMI) unexpectedly rose from 51.7 to 51.8 in June, hitting a three-year peak on strong production and stabilizing employment.

Investors shrugged off the results of an official survey of factory purchasing managers that showed manufacturing conditions remained in contraction for a second straight month.

Sentiment among manufacturers also remained positive midway into 2024. Confidence weakened to the lowest in over four-and-a-half years, dampened by concerns over rising competition and uncertain market conditions.

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