BANGKOK (AP) — Surveys of Chinese factory managers showed a mixed outlook for the world’s second-largest economy in June, with growth steady but not picking up much steam.
The China Federation of Logistics and Purchasing’s official purchasing managers index, or PMI, remained at 49.5, the same as in May, on a scale up to 100 where 50 marks the cut off for expansion.
“From the perspective of output, China’s economy is maintaining expansion, but the momentum of recovery still needs to be consolidated,” the official Xinhua News Agency cited Zhao Qinghe, senior statistician for the National Bureau of Statistics, as saying.
A private-sector survey released Monday by the financial media group Caixin was more optimistic, edging up to 51.8 from 51.7 in the previous month. That was the fastest expansion of factory output in two years, it said. Analysts had forecast that it would fall.
But while sentiment was positive, the level of confidence among purchasing managers fell to the lowest in over four-and-a-half years due to worries over intense competition and uncertain market conditions, Caixin said.
The surveys offered scant insight into whether various measures to boost the property sector, such as cutting mortgage interest rates and down payments, have had much impact on an industrywide slump that followed a crackdown on excessive borrowing by developers.
“The PMIs for June were mixed but on balance suggest that the recovery lost some momentum last month,” Capital Economics said in a report.
The official PMI reading for high-tech manufacturing rose to 52.3 in June from 50.7 in May, reflecting the government’s drive to boost investment in upgrading factories and equipment in new industries such as computer chip and electric vehicles.
“This shows that the transformation and upgrading of China’s manufacturing industry has continued to advance,” Zhao was quoted as saying.
Chinese leader Xi Jinping has made growth of such advanced industries a top priority, a theme likely to dominate an upcoming meeting of top officials of the ruling Communist Party when they meet later in the month.
Xinhua said in a separate report that during the meeting the party would disclose a new round of “deep and comprehensive reforms.”
Such measures will “chart the course forward for the world’s second largest economy,” it said.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
