Hong Kong PMI Contracts First Time This Year as Recovery Falters
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Hong Kong’s private sector activity contracted in July for the first time this year, providing further proof of the slowdown in the financial hub’s post-Covid recovery.
The S&P Global Purchasing Managers’ Index fell to 49.4 last month from 50.3 in June, slipping below the 50 mark that separates expansion from contraction for the first time since December. Overall optimism slipped to the weakest since November, according to a statement accompanying the data.