China's Economic Recovery Loses Steam as PMIs Slip to Multi-Year Lows
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China's manufacturing and services activity data for October shows economic recovery momentum has 'taken a step back'.
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Manufacturing PMI fell into contractionary territory due to weak exports and profit pressure.
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Non-manufacturing PMI declined mainly due to weak real estate and capital market services.
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Composite PMIs dropped to multi-year lows outside of Covid lockdowns, suggesting broad weakness.
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More policy easing expected to ensure recovery doesn't slide backwards.