News Summary

• China unveiled a series of measures to boost domestic consumption Monday after more gloomy data about the health of the economy
• But it stopped short of announcing a major package of new spending or tax cuts
• The official Purchasing Managers Index PMI which measures activity in the manufacturing sector at mainly larger business and state owned firms came in at in July
• That is the lowest rate since December when the index hit its weakest level since February at the start of the coronavirus pandemic
• China s official PMI data provides little encouragement that the economy is turning the corner said Robert Carnell regional head of research for Asia Pacific at ING Group