China Services-Sector Gauge Fell in May
A private gauge of China’s services sector retreated in May due to shrinking overseas demand.
The Caixin China services purchasing managers index was at 55.1, down from 56.3 in April, Caixin Media Co. and research firm IHS Markit said Thursday.
Still, the reading held above the 50 mark that separates expansion from contraction for 13 straight months.
Business activity and new orders rose sharply, despite the rates of expansion softening from April, Caixin said in a statement. However, the subindex of new export orders fell for the third time in four months, it said.
The subindex measuring employment across China’s services sector rose for the third consecutive month and the business outlook remains strong, Caixin said.
Gold Prices Up As US Dollar Weakens, Investors Await US Economic Data
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Jun 1, 2021 2:39 AM UTC A private gauge of China s manufacturing activity rose to its highest level so far this year, in contrast with the official gauge, which pointed to a slip in activity on weaker overseas demand. The Caixin China purchasing managers index, which tracks more of the nation s small private manufacturers, rose to 52.0 in May from 51.9 in April, Caixin Media Co. and researcher Markit said Tuesday. China s official manufacturing PMI, which tracks large state factories more closely, edged lower to 51.0 in May from 51.1 in April, according to data released by the National Bureau of Statistics on Monday. The official survey of manufacturers has a much larger sample than the Caixin survey.
Gold Price Forecast – Double Top Breakout, Bullish Signal In Play!
Posted Tuesday, June 1, 2021 by
MARKETS TREND
The market trend factors in multiple indicators, including Simple Moving Average, Exponential Moving Average, Pivot Point, Bollinger Bands, Relative Strength Index, and Stochastic.
During Tuesday’s Asian trading hours, the safe-haven metal price succeeded in extending its heavy run-up of the previous day, remaining unstoppable while hitting fresh five-month highs around the $1,915 level on the day. However, the prevalent bullish bias was mainly promoted by ever-increasing tensions between China and Western friends, including Australia and New Zealand, which is putting some downside pressure on the global equity market and contributing to the safe-haven gold gains.
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