The Caixin China General Manufacturing PMI unexpectedly was at 50.8 in January 2024, the same as December’s figure but above market forecasts of 50.6, marking the third straight month of growth in factory activity, contrasting with official data that showed an extended weakness ahead of a Lunar New Year celebration.
Output growth was stable, with foreign sales growing for the first time in 7 months while new orders grew the least since last October. Supply chains improved for the third time in the past 4 months.
China also unveiled new property support measures amid concerns about the fallout from Evergrande’s liquidation, providing some support to the equity market.
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