The official NBS Non-Manufacturing PMI for China edged up to 50.7 in January 2024 from 50.4 in December, slightly above market forecasts of 50.6, marking the 13th straight month of expansion in services activity and the strongest pace since last September, despite falls in new orders, foreign sales, and employment.
The NBS Composite PMI Output Index in China increased to 50.9 in January 2024 from 50.9 in the previous month, marking the highest reading since last September.
Meanwhile, the country’s services sector growth accelerated to a four-month high in January.
Chinese equities also remained under pressure from property sector woes and fears of a wider US ban on Chinese biotechnology, semiconductor and artificial intelligence firms.
ETFs: (FXI), (KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE), (CHIX).