China's purchasing managers' index rose slightly above pessimistic expectations on June 30, but it does not indicate a major turnaround in June, and a second-quarter slowdown remains likely. Sluggish domestic demand could prompt additional policy support, with markets focusing on the July Politburo meeting. The China PMI data improved, boosting Asian stocks. China's manufacturing PMI came in at 51.7 in June, easing from the prior reading but beating analyst expectations. The reading caps the strongest quarterly performance for the index since 2020.
The reading beat analyst expectations despite a slight easing, signaling continued expansion in the factory sector supported by resilient domestic demand.
Read the full storyAccording to reports, improved China PMI data boosted Asian stocks, with tech leading gains, capping a strong quarter.
June PMI data slightly beat low expectations but do not signal a turnaround, as markets await the July Politburo meeting for potential stimulus.