China: Caixin services better than forecasts
Caixin China Composite PMI data (which covers both manufacturing and services) signalled increased total business activity across China at the end of the second quarter.
That said, the Composite Output Index posted 50.3 in June, down from 50.5 in May, to signal a fractional rate of growth that was the weakest in four months. Latest data signalled a further slowdown in overall Chinese business activity, with the rate of expansion slowing to the weakest in the current
four-month sequence. There were differing trends at the sector level, however, with services companies reporting a stronger expansion of business activity in June, while manufacturing output declined at the sharpest pace since February. Notably, it was the quickest increase in services activity in 11 months, with the Caixin China General Services Business Activity Index posting 52.7, up from 51.2 in May.