China factory activity contracts for second month – official PMI
China’s factory activity contracted more than expected in October, shrinking for the second straight month, as high raw material prices and power disruptions pressured manufacturers in the world’s second-largest economy.
The official manufacturing Purchasing Manager’s Index (PMI) was at 49.2 in October, down from 49.6 in September, data from the National Bureau of Statistics (NBS) showed on Sunday.
The 50-point mark separates growth from contraction. Analysts had expected it to come in at 49.7.
Source: Reuters (Reporting by Ryan Woo and Gabriel Crossley; Editing by William Mallard)