BEIJING (Reuters) - China's factory activity likely contracted for a fifth straight month in August, a Reuters poll showed on Tuesday, as weak demand ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBEIJING - China's factory activity likely contracted for a fifth straight month in August, a Reuters poll showed on Tuesday, as weak demand threatens recovery prospects in the world's second-largest economy and pressures officials to prop up growth.
An index reading above 50 indicates expansion in activity on a monthly basis while below that signals contraction. Only two respondents forecast readings of 50 or above. "Demand from key trading partners is diminishing. Both the U.S. and Eurozone Manufacturing PMIs have fallen below the expansion threshold of 50 for nine and 14 consecutive months, respectively," Taimur Baig, chief economist at DBS, wrote in a note."ASEAN, China's top trading partner, has also decreased to a nearly two-year low of 50.8."
Over the weekend, China announced a halving in stock-trading stamp duties and on Friday approved guidelines for affordable housing to expand investment, although analysts anticipate home prices will show no growth this year.
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