The dollar eased in Asian trading after hitting its highest level in nearly two weeks. Gold dipped below $2,500 per ounce while oil consolidated at lower levels ahead of an OPEC+ decision on output increase in the coming days.
China’s Shanghai Composite index fell 1.10 percent to 2,811.04 as mixed factory activity indicators raised new questions about efforts to stimulate the world’s second-largest economy.
An official survey showed, China’s factory activity hit a six-month low in August. A private survey manufacturing activity swung back to growth in August but deterioration in external demand led to new export orders falling for the first time in eight months and at the fastest pace since November 2023.
China Vanke shares plunged 5 percent after the property developer reported its first interim loss in two decades.
China’s manufacturing activity recovered in August as new orders returned to growth, driving faster production growth, data from S&P Global showed on Monday.
The Caixin manufacturing Purchasing Managers’ Index rose to 50.4 in August from 49.8 in July.
Although the score signaled that the manufacturing sector improved following the brief deterioration, the rate of improvement was only marginal.
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First Published: Sep 02 2024 | 5:09 PM IST
