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China’s PMI data showed a steeper increase in services activity in July, after the successful containment of the recent spikes in Covid-19 cases, which boosted new order intakes.
Source: IHS Markit
CSI 300 Index up +0.90%
Chinese firms posted a renewed increase in backlogs of work, which led to a slight increase in payroll numbers.
July Services PMI was 54.9, a rebound from June’s 14- month low of 50.3, and signaled a sharp and accelerated expansion of service activity.
The sharper upturn in activity was backed by a further rise in new business and quickened rate of new order growth from June’s recent low.
Outstanding workloads increased at Chinese service companies in July after a slight decline in June.
Service sector employment returned to growth at the start of the third quarter. The rate of job creation was also slight as efforts to expand capacity were offset by firms looking to control their costs.
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