China’s factory gloom weighs on Asia’s manufacturers

A slump in China’s manufacturing activity led a generally weak performance for Asia’s factories last month as business owners grappled with tepid demand, private surveys showed on Thursday, raising risks of an underpowered economic recovery in the region. Manufacturing activity shrank in Japan and expanded at a slower pace in South Korea due partly to soft domestic demand and rising input costs, the surveys showed, adding to the gloom from a contraction in China’s factory activity. China’s Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 49.8 in July from 51.8 the previous month, the private survey showed, the lowest reading since October last year and missing analysts’ forecasts of 51.5.Read More