China’s flash manufacturing PMI has hit an 11-month low, dipping to 49.2.
A reading below 50 signifies the sector is contracting rather than expanding.
The market was expecting a read of 50.2, which would signal a slight expansion, so this is a significant miss.
Chinese authorities this year revised down the official growth target to 7% from 7.5% previously, and have signalled likely stimulus measures in the months ahead to avoid a harder landing for the Chinese economy.
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