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Business sentiment among Chinese purchasing managers dropped in July, according to preliminary survey findings released on Wednesday.
The flash purchasing manager’s index by financial services company HSBC showed a reading of 47.7 for the month, down from a final figure of 48.2 in June, and the lowest reading since August.
The flash index is based on between 80 and 90 per cent of the results of the survey, and released around a week in advance of the final figures, which can vary.
A figure above 50 generally means a positive outlook in the manufacturing sector, while below 50 is taken as a negative reading.
If confirmed, the index reading “suggests a continuous slowdown in manufacturing sectors thanks to weaker new orders and faster destocking,” said Hongbin Qu, chief economist for China at HSBC.
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