China's Weak Factory Activity Shows Urgency of Stimulus Push [Yahoo! Finance Canada]
UNITED OVRSEAS BK S/ADR (UOVEY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The official manufacturing purchasing managers' index was 49.8, meaning the sector has now been in contraction since April 2023, bar three months. The non-manufacturing PMI fell to the lowest in 21 months, showing construction and services activity lost momentum and moved to the verge of shrinking. The data, released by the National Bureau of Statistics on Monday, shows the economy remained in a slump before Chinese officials announced a broad package of measures aimed at reviving growth. The central bank last week cut key interest rates and freed up cash for banks to boost lending, while the elite Politburo pledged to support fiscal spending and stabilize the beleaguered property sector. Traders shrugged off the latest dismal data readings, as Beijing's multi-pronged plan to lift sentiment in the world's No. 2 economy continued to fuel a rally in stocks. The benchmark CSI 300 Index jumped 8.5% Monday, the most since 2008, while a Bloomberg Intelligence
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