China's manufacturing and services PMI index narrows in December

According to the Purchasing Managers Index (PMI) data prepared by the National Bureau of Statistics of China, both the manufacturing and service sectors contracted in December. The manufacturing PMI fell from 48.0 points in November to 47.0 points in December due to the pressure on production lines caused by Covid cases. Economists had expected the manufacturing PMI to remain at 48.0. The services PMI also fell from 46.7 points in November to 41.6 points in December due to the impact of increasing Covid cases. The composite PMI fell from 47.1 points in November to 42.6 points in December.