Market Commentary - Foreign Markets
Chinese stocks end lower after PMI data As on : 01-Aug-24  17:13

Asian stocks turned in a mixed performance on Thursday as the U.S. dollar sank against the yen and a private survey showed China's factory activity shrank for the first time in nine months in July.

The dollar index recovered some ground, after having fallen to a near two-week low as Federal Reserve Chair Jerome Powell indicated a possible interest rate cut in September.

China's Shanghai Composite index dipped 0.22 percent to 2,932.39 after the Caixin manufacturing purchasing managers index fell to 49.8 last month from 51.8 in June. Hong Kong's Hang Seng index slid 0.23 percent to 17,304.96.

China's manufacturing sector fell into the contraction zone in July on renewed decline in new work and weak output growth, survey data from S&P Global showed on Thursday. The Caixin manufacturing Purchasing Managers' Index fell to 49.8 in July from 51.8 in June.

The official PMI survey, released earlier this week, showed that China's manufacturing sector continued to shrink in July. The factory PMI slid to 49.4 in July from 49.5 a month ago. At the same time, the non-manufacturing index fell to 50.2, but remained above the neutral 50.0 mark.

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