China's July PMI down to 50.1

Both new orders and new export orders slowed further to 49 and 46.5 respectively due to still sluggish demand and seasonal effect, says OCBC.

OCBC Treasury Research noted:

China’s July official PMI surprised the market on the downside slowing to 50.1 from 50.2 in June, in contrast to improvement seen in HSBC flash PMI.

For the breakdown, both new orders and new export orders slowed further to 49 and 46.5 respectively from 49.2 and 47.5 due to still sluggish demand and seasonal effect.

Import price fell further to 41 from 41.2 signaling falling price pressure. Finished goods inventory fell significantly to 48 from 52.3 leading to pickup in the difference between new order and finished goods.