Chinese factories slip deeper into contraction, more policy support likely
The article reported that China’s manufacturing activity contracted for a second straight month in November and at a quicker pace, suggesting more stimulus will be needed to shore up economic growth and restore confidence that the authorities can ably support industry.
This is another evidence that China economy slowdown continue to worsen despite someone said otherwise. This is in contrast to US economy which reported a higher than expected GDP data. It may also explained why Chinese and Hong Kong stocks are in the red for the past 7 days.
Quote:
The official purchasing managers’ index (PMI) fell to 49.4 in November from 49.5 in October, staying below the 50-point level demarcating contraction from expansion, data from the National Bureau of Statistics showed on Nov 30. It missed a forecast of 49.7, and only Goldman Sachs and Standard Chartered Bank predicted that it would come in so low out of 31 respondents.
Source:
$BYD COMPANY(01211.HK$ $BYD Co.(BYDDF.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Tesla(TSLA.US$ $VOLKSWAGEN A G(VWAGY.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $General Motors(GM.US$ $Ford Motor(F.US$ $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $TOYOTA MOTOR CORP(TOYOF.US$ $GEELY AUTO(00175.HK$ $Stellantis NV(STLA.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
2476Followers
88Following
10KVisitors
Follow
FaqnDeath99 : Unfortunate in a lot ways that China is having a slow recovery, but it makes for some great deals in the stocks
I for one hope China comes out of this soon. There’s a lot of innovation I see coming out of these companies in China, would hate to see it tossed aside or idle for too long due to a poor economy.