Investors await Caixin manufacturing PMI after China’s official gauge signaled contraction, weighing on Asian markets.
Asia’s economic calendar turns to China’s private manufacturing PMI survey, following disappointing official data that showed factory activity contracting. The Caixin PMI, due later today, will offer a fresh read on China’s industrial sector amid weak domestic demand and global trade headwinds.
China’s official manufacturing PMI fell below 50 in July, signaling contraction, while new orders and export demand remained subdued. Earlier, New Zealand reported a 3.6% monthly drop in new dwelling consents, though annual growth held at 32.1%. Markets are watching for signs of stabilization in China’s economy.
Australian markets are closed for a public holiday, reducing regional trading volumes. Focus remains on China’s data for cues on policy support and growth momentum.