China’s manufacturing activity unexpectedly plunged in April, according to the official data from the National Bureau of Statistics on Sunday.
The reading raised pressure on the Chinese central bank and policymakers that seek to boost the economy amid difficulties in post-Covid era due to a slowdown in global demand.
The manufacturing purchasing managers’ index (PMI) for April declined to 49.2 from 51.9 in March. The reading below 50 points marked activity was in contraction. Also, the data missed expectations for 51.4 expansions by economists in a Reuters poll.
Meanwhile, China’s industrial firms’ profits shrank in January-March, falling 21.4%.
Major stocks market in Asia closed for holiday on May 1, especially a five-day long holiday in China. Japan’s Nikkei rose 0.82% this morning while Australia’s ASX 200 gained 0.62%.
