A private gauge of Chinese manufacturing unexpectedly fell to the lowest in 15 months, reinforcing the need for further policy support in an economy that had seen signs of stabilization recently. Regional stocks fell.
The preliminary Purchasing Managers’ Index from Caixin Media and Markit Economics was at 48.2 for July, down from 49.4 the previous month and worse than all 16 forecasts in a Bloomberg survey, where the median estimate was for an increase to 49.7. Numbers below 50 indicate contraction.
