Fresh signs of weakness in Chinese economy and weak UK and eurozone data spook investors
At the weekend, the government put pressure on lenders to reduce mortgage rates and announced measures that would make it easier to buy the large numbers of unsold homes in major Chinese cities. But the boost to the property sector was overshadowed by the decline in the Caixin PMI.
The snapshot fell from 54.1 in July to 51.6 in August – below the 53.6 predicted by a Reuters poll of economists and only slightly above the 50 level that separates an expanding from a contracting sector. Susannah Streeter, the head of money and markets at Hargreaves Lansdown, said: “Services had been a brighter spot in the economy, with hopes that consumers would continue to spend on trips out and education, but demand is turning more sluggish, with any stimulus efforts to spur spending not hitting the mark.
“The data has overshadowed relief that the struggling property giant Country Garden has managed to make key interest payments on its debt, reducing, for now, concerns about contagion in the financial sector. China appears to be taking one step forward, but two steps back, as optimism one day turns to pessimism the next.
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