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China January factory surge steps down to eight-month minimum on pollution war
In January, surge in China's manufacturing sector stepped down more than anticipated, hitting an 8-month minimum amid a cooling property market as well as tighter pollution regulations, which have affected factory output.
The data that gives global market participants their first look at business conditions in this Asian country in the beginning of this year, underpinned the view that the Chinese economy is already losing steam after ascending by a better-than-anticipated 6.9% in 2017.
Published on Wednesday, the official Purchasing Managers' Index slumped to 51.3 in January versus December’s reading of 51.6. However, it stood above the 50-point mark, traditionally separating surge from descend on a monthly basis.
Market experts polled by Reuters had predicted that the headline number would go down a bit to 51.5.
In January, a separate PMI on the steel industry tacked on to 50.9 versus December’s reading of 50.2.
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