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Global Manufacturing Struggles Amid Weak Demand: China's ...
2024-08-01 19:55:08
Business
China
Economy

Global Manufacturing Struggles Amid Weak Demand: China's Factory Activity Contracts, Eurozone Sees Declines, and Hong Kong Retail Suffers

China's manufacturing activity contracted for the first time in 9 months, with declining new orders impacting investment. To stimulate consumption, China allocated 150 billion yuan from special bonds.

In Europe, the Eurozone manufacturing PMI remained below the growth mark, with Germany and France experiencing significant declines. Meanwhile, Hong Kong's retail sales fell for the fourth consecutive month despite efforts to boost the sector.

Challenges persist in global manufacturing due to geopolitical risks, supply chain disruptions, and shipping issues.

Related news on that topic:

Hong Kong Stocks Slip as China's Factory Activity Contracts

Hong Kong stocks fell after China's manufacturing activity unexpectedly contracted in July, raising growth concerns. The Fed left rates unchanged, but Hong Kong is not expected to cut rates until 2025. Tech stocks and major companies like JD.com, NetEase, and Baidu lost ground. The Caixin/S&P Global manufacturing PMI contracted, reinforcing worries about China's economic slowdown. The Hong Kong Monetary Authority left the base rate unchanged. Budweiser Brewing reported a 5.9% earnings decline, while Shenzhen Boshijie Technology surged 106% on its first day of trading. Markets are pricing in a 67% chance of three Fed rate cuts this year. Other Asian markets showed mixed trends with Japan's Nikkei 225 sliding 3%, South Korea's Kospi adding 0.2%, and Australia's S&P/ASX 200 gaining 0.4%.

Global Stocks Plunge on Weak US Data and Tech Earnings

Global stock markets have plunged amid fears that the US Federal Reserve has left it too late to begin cutting interest rates and risks damaging the world’s largest economy. Shares tumbled in Asia, with Japan’s Nikkei 225 index closed down 5.8pc for its worst day in four years, after weaker than expected US factory data showed output dropped to an eight-month low in July amid a slump in new orders. Federal Reserve chairman Jerome Powell indicated on Wednesday that a first interest rate cut could come in September as policymakers held interest rates at 23-year highs of 5.25pc to 5.5pc. However, markets in Hong Kong, South Korea, China and Australia all dropped sharply as traders priced in that the Fed will be forced to cut interest rates at all three of its remaining meetings this year. The sell-off was exacerbated by a Big Tech sell-off on Wall Street as results from Apple, Intel and Amazon failed to impress.

Read 21 more recent news on this topic

The press radar on this topic:

China Economy - South China Morning Post
1. August 2024 um 02:00

China’s factory activity contracts for first time in 9 months amid weak demand: Caixin PMI | South China Morning Post

Economy
Politics
China's manufacturing activity contracted in July for the first time in 9 months, with the Caixin/S&P Global manufacturing PMI falling to 49.8. New orders declined, affecting investment and intermediate goods, while consumer goods saw slight expansion. To boost consumption, China announced 150 billion yuan from 1 trillion yuan in special bonds would subsidize replacements. China's foreign trade growth faces obstacles including high geopolitical risks, supply chain disruptions, and shipping iss..
Hong Kong economy - South China Morning Post
1. August 2024 um 08:54

Hong Kong retail sales fall 9.7% in June, marking fourth straight decline despite expanded travel scheme | South China Morning Post

Economy
Politics
Hong Kong retail sales fell 9.7% to HK$29.9 billion in June, 4th straight decline after 11.4% drop in May and 14.7% in April, with 6.6% decline in first half of 2023. Sector faces challenges but benefits from strong Hong Kong dollar, 3.3% GDP growth in Q2, rising employment earnings, government's efforts to promote mega-event economy and support SMEs in upgrading, help local enterprises expand into mainland e-commerce, attract visitors and local consumers to shop through events like Hong Kong..
EURACTIV.com
1. August 2024 um 14:21

European, German industrial fatigue endures, cannot be blamed on ‘energy anymore’

Economy
Politics
Finance
Environment
Eurozone manufacturing PMI held steady at 45.8 in July, below 50-point growth/contraction mark; Germany and France saw steeper declines; only Greece and Spain posted 'meaningful growth' in factory activity, though momentum has slowed there as well.
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