July manufacturing PMI misses forecasts, signaling contraction and weighing on market sentiment amid broader economic concerns.
China’s manufacturing PMI dropped to 49.2 in July, below the 50.0 forecast and marking a contraction after June’s 50.3 reading. The non-manufacturing PMI also fell to 49.0 from 50.2, signaling weakness in services activity.
Analysts had expected a neutral reading of 50.0, but the data underscores slowing momentum in the world’s second-largest economy. The decline follows recent stimulus measures, though their impact remains limited.
Chinese tech stocks surged on separate news of a potential Unitree robotics IPO, offsetting some of the macroeconomic gloom.