China’s faltering recovery weighed on Asian manufacturing powerhouses, especially in North Asia. Taiwan’s PMI slid to an eight-month low of 44.1, while Japan’s dipped slightly to 49.6, according to S&P Global and au Jibun Bank.
China’s manufacturing contracted in July, rippling through factories across Asia and signalling any turnaround in the region could still be far off.
The Caixin manufacturing purchasing managers index declined to a six-month low of 49.2 in July from 50.5 in June, below the key 50 level that marks a contraction, a private survey showed Tuesday. The official manufacturing PMI released Monday also showed a decline in China’s factory activity last month.
