China's manufacturing PMI rises above expectation in October

seekingalpha2024-10-31

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The official NBS Manufacturing PMI in China increased to 50.1 in October 2024, up from September's 49.8 and slightly above market expectations of 50.

This marks the first expansion in factory activity since April, as output grew for the second consecutive month, reaching its highest level in six months, amid stimulus measures.

New orders stabilized after five months of decline, though foreign sales dropped at an accelerated pace. Additionally, purchasing levels contracted at the slowest rate in five months, while employment declined at a slower rate.

On the pricing front, input prices rose for the first time in four months and at the fastest pace since May, while output prices recorded the smallest decrease in five months. Lastly, business sentiment improved to a four-month high.

The Shanghai Composite rose 0.3% while the Shenzhen Component jumped 1.4%, breaking a two-day decline, boosted after the data. The offshore yuan fell to around 7.13 per dollar following the release.

China-based tickers to follow: ETFs: (FXI), (NYSEARCA:KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE).

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