Chinese factory PMI nudges higher

|By:, SA News Editor

China's official manufacturing PMI edged up to 50.4 in April from 50.3 in March but slightly missed consensus of 50.5.

Output, new orders and purchases of inputs expanded, but new export orders, stocks of finished goods, backlogs of orders, imports and stocks of major inputs contracted. Input prices fell while suppliers' delivery was faster.

The data, which indicates that manufacturing is just about expanding, adds to HSBC's flash PMI reading, which shows that the sector is contracting.

"The economy is showing slight improvements due to recent policy measures but there is no sign of a bottoming out," says economist Sun Wencun.

Chinese markets are closed today for a holiday. (PR)

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