China Manufacturing Activity Contracts in October, Renewing Economic Concerns

China's factory activity unexpectedly contracted in October based on two surveys, renewing concerns over the manufacturing sector.

The Caixin/S&P Global manufacturing PMI fell to 49.5 in October from 50.6 in September, marking the first contraction since July.

Manufacturers reported a fresh fall in production amid slower sales growth dampened by weak foreign demand.

Input inflation ticked up to a 9-month high due to higher raw material and oil prices.

Business confidence for the year ahead softened again last month, hitting its lowest since September 2022.