Monthly gauges of Chinese manufacturing from a business magazine and an industry group showed activity grew in April but more slowly than the March rate. That added to signs China’s economic downturn is bottoming out, but investors were disappointed the data weren’t better.April data are a “pretty soggy picture,” Chris Weston of Pepperstone said in a report. “The data flow through Asia has reinforced the issue that if you want growth, you head Stateside.
On Wall Street, futures for the Standard & Poor’s 500 index and the Dow Jones Industrial Average declined 0.1 per cent. In China, Caixin magazine’s purchasing managers’ index showed factory activity fell to 50.2 on a 100-point scale from March’s 50.8. A separate index by the China Federation of Logistics & Purchasing declined 0.4 points to 50.1, just above the 50-point line that indicates activity is accelerating.
Big gains for banks led the way on hopes for bigger profits from making loans, but losses for high dividend stocks held indexes in check.A Commerce Department report showed the economy is growing but not too fast.
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