China's Caixin services PMI drops to 52.8 in July, a big miss


China's Caixin services PMI for July came in at 52.8 vs 53.7 expected and 53.9 last, which showed that Chinese business activity slowed down at a faster pace than expected.

Meanwhile, the Composite Output Index also fell to 52.3 in July from June’s reading of 53.0, signaling a broad based slowdown in the overall growth momentum.

Quotes from Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group:

“The Caixin China General Services Business Activity Index dropped to 52.8 in July from June. The sub-index of new business remained in expansionary territory, but fell significantly to its lowest level since December 2015 — a clear sign that demand for services had worsened. This change led to slower increases in employment and prices charged. The sub-index of input costs expanded at a slower pace. The subindex of business expectations, a gauge of companies’ confidence for the next 12 months, remained above 50, but slumped to its lowest level since October 2015, indicating that their confidence had been shaken.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD coming up for a breath of air in support

EUR/USD holding up at critical support in the hourly chart. ECB and Fed are in focus with critical data to end the week. The end of the week for European and US markets will bring plenty of key data for which could still some volatility for traders to enjoy. 

EUR/USD News

GBP/USD wobbles around 1.3800 on Brexit, inflation chatters, UK Retail Sales, PMIs eyed

GBP/USD struggles to extend pullback from monthly high. UK PM Johnson ready to compromise Brexit, NI protocol terms, British covid infections jump. Inflation expectations jump to multi-year high in the UK, US.

GBP/USD News

Gold flirts with $1,790 hurdle on mixed concerns ahead of US PMI

Gold refreshes intraday high to $1,787 during the four-day run-up amid early Friday. The yellow metal witnessed pullback the previous day amid firmer USD, on relation fears, but the latest sentiment-positive headlines seem to have favored the gold buyers.

Gold News

Ethereum Classic price lags behind Bitcoin and XRP despite upcoming rally

Ethereum Classic price action for the Thursday trade session has been the definition of a whipsaw. The daily candlestick open has dropped as much as 9.5% and spiked higher by as much as 10.5% - big swings in all directions.

Read more

The idea of inflation falling back by (say) March is a fantasy

We get some non-movers today like the Philly Fed, Sept existing home sales, and leading indicators, but let’s face it, jobless claims own the space. Claims are not behaving as expected and are wildly at odds with job openings. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures