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.
