Asia-Pacific Stocks Set for Lower Start as Data Show Chinese Factory Activity Contracted in April
The 50-point mark in PMI readings separates growth from contraction. PMI readings are sequential and represent month-on-month expansion or contraction.
A private survey also showed contraction in Chinese factory activity, with the Caixin/Markit manufacturing PMI coming in at 46, declining from the previous month's reading of 48.1. "Omicron and the government's zero-covid policy were the main culprits for China's activity decline in April, halting industrial production and disrupting supply chains," Rodrigo Catril of National Australia Bank wrote in a note.
"A sharp Chinese economic slowdown in the second quarter remains a realistic outcome at this stage and if history is any guide, global hit to growth would follow shortly after," said Catril, a currency strategist at the firm.
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