Caixin (October 1) stated that according to a Caixin-sponsored survey, activity in China’s
manufacturing sector contracted for the second month in September as Covid controls across
the country suppressed factory output and new orders. The Caixin China General
Manufacturing Purchasing Managers’ Index (PMI), which gives an independent snapshot of
the country’s manufacturing sector, came in at 48.1 in August, down from 49.5 the previous
month. Readings lower than 50 indicate contraction.
Separately, Bloomberg (September 30) said the Hang Seng China Enterprises Index has lost
14% to rank as the worst performer among major equity benchmarks globally this month.
Hovering around the lowest since the global financial crisis, it is now trading at 0.6 times book
value, the cheapest ever.
|
