China's Caixin manufacturing PMI narrows in July

The Caixin/S&P Global Manufacturing Purchasing Managers Survey came in at 49.2 in July, showing China’s manufacturing activity entered contraction territory for the first time since April. The manufacturing PMI came in at 49.2 in July, below the 50.3 figure economists had expected. A PMI reading above 50 indicates expansion, while a reading below 50 indicates contraction. The Caixin survey came a day after official statistics showed the country’s factory activity contracted for a fourth straight month, with a PMI reading of 49.3.