On the economic data front, China’s official manufacturing Purchasing Managers’ Index (PMI) for September came in at 51.5 on Wednesday as compared to 51.0 in August, according to the country’s National Bureau of Statistics.
Analysts in a Reuters poll had expected the official manufacturing PMI to come in at 51.2 in September. PMI readings above 50 indicate expansion from the previous month, while those below that figure signal contraction.
Meanwhile, a private manufacturing survey also showed manufacturing activity expanding in September, with the Caixin/Markit PMI coming in at 53.0. Analysts polled by Reuters expected the Caixin/Markit PMI for September to come in at 53.1 — the same level as August.
The private survey features a bigger mix of small- and medium-sized firms. In comparison, the official PMI survey typically polls a large proportion of big businesses and state-owned companies. Chinese economic data has been watched by investors for further clues on the Chinese economy’s recovery from the coronavirus pandemic.