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China’s Services Sector Defies Manufacturing Downturn In July- Caixin

Wednesday, August 3, 2022
China’s Services Sector Defies Manufacturing Downturn In July- Caixin © Reuters.

By Ambar Warrick

Investing.com-- China’s services sector grew at a faster clip in July from the previous month as it benefited from easing COVID-19 restrictions, a private survey showed on Wednesday.

An independent survey conducted by Chinese media group Caixin showed that the Services Purchasing Managers Index (PMI) came in at 55.5 for July, higher than June’s reading of 54.5. The reading marks the second straight month of expansion for the sector, after a series of COVID lockdowns in major economic hubs crippled business activity in the country. 

A government survey of the same sector, released on Sunday, also showed an expansion for July. But manufacturing activity contracted in July, according to the government reading. 

China’s sprawling service sector, which consists of industries such as transportation, retail sales, and real estate, accounts for more than half of the country’s GDP.

Wednesday’s reading shows that despite a downturn in real estate and manufacturing activity, China’s consumption-driven economy has still retained some of its strength. The economy barely avoided a contraction in the second quarter, expanding by 0.4%

But with COVID lockdowns now easing in the country, China's economic prospects are expected to improve in the second half of the year, albeit slightly. The threat of more lockdowns, stemming from China's strict zero-COVID policy, has largely rattled foreign investors exposed to the country.

The service sector has been integral in keeping Chinese business activity in expansion territory over the past two months. Concerns over China’s zero-COVID policy have largely dented investment in the country’s manufacturing sector.

Disruptions in global commodity markets have also slowed Chinese factory activity this year.

Chinese stocks reacted positively to Wednesday's PMI reading, with the Shanghai Shenzhen CSI 300 blue-chip index up 0.1% in morning trade. The yuan also rose slightly to the dollar. 

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16-08-2022 19:36:39 (UTC+7)

EUR/USD

1.0138

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EUR/USD

1.0138

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GBP/USD

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USD/JPY

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AUD/USD

0.7003

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1.2889

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223.45

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Euro Stoxx 50

3,795.55

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44.345

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54.06

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170.50

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 EUR/USD1.0138↑ Sell
 GBP/USD1.2037Sell
 USD/JPY134.43↑ Buy
 AUD/USD0.7003↑ Sell
 USD/CAD1.2889↑ Sell
 EUR/JPY136.29↑ Buy
 EUR/CHF0.9635↑ Buy
 Gold1,789.60↑ Sell
 Silver19.968↑ Sell
 Copper3.6145↑ Sell
 Crude Oil WTI89.89↑ Sell
 Brent Oil95.32↑ Sell
 Natural Gas9.144↑ Buy
 US Coffee C223.45↑ Buy
 Euro Stoxx 503,795.55↑ Sell
 S&P 5004,297.14Neutral
 DAX13,858.96↑ Sell
 FTSE 1007,557.65Buy
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,496.00↑ Sell
 BASF44.345Neutral
 Bayer54.06↑ Sell
 Allianz179.68↑ Sell
 Adidas170.50↑ Sell
 Lufthansa6.729Sell
 Siemens AG111.18↑ Sell
 Deutsche Bank AG9.002↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
(-10/ -10) # 1,639
SJC HCM6,600/ 6,700
(-10/ -10) # 1,659
SJC Hanoi6,600/ 6,702
(-10/ -10) # 1,661
SJC Danang6,600/ 6,702
(-10/ -10) # 1,661
SJC Nhatrang6,600/ 6,702
(-10/ -10) # 1,661
SJC Cantho6,600/ 6,702
(-10/ -10) # 1,661
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Cập nhật lúc 18:54:08 16/08/2022
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