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S&P Global HKSAR PMI Climbs to 50.7 in Aug; Biz Environment Improves for 1st Time in 7 Mths
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S&P Global announced that the seasonally adjusted S&P PMI for Hong Kong hiked from 49.2 in July to 50.7 in August, notching the best performance since mid-first quarter this year, reflecting the first improvement in the business environment in seven months. During the period, private sector output increased for the first time in five months, with the expansion rate being the most impressive since December last year, albeit modest. Survey data revealed that order demand relatively improved, prompting companies to lift production. Companies interviewed indicated that new business during the recent survey period largely stabilized, with the relevant index, after seasonal adjustment, still slightly below the 50 neutral line, but the best since February this year. Data showed that the volume of new orders from overseas and the mainland continued to shrink immensely, making the local market the mainstay for order improvement during the month. Survey data also revealed that U.S. tariff policies and global economic sluggishness hijacked export sales. Looking ahead to the business outlook for the next year, Hong Kong's private sector remained strongly pessimistic in August. The core concerns of businesses mainly revolve around the lingering impact of U.S. tariffs and economic weakness; although overall pessimism remains evident, it is the mildest since March. AASTOCKS Financial News Website: www.aastocks.com |
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