Market news

3 June 2021

China's service sector growth moderates in May

RTTNews reports that survey results from IHS Markit showed that China's service sector growth moderated in May as activity and new order growth softened since April.

The Caixin services PMI dropped to 55.1 in May from a four-month high of 56.3 in April. Nonetheless, the score remained firmly above the neutral 50.0 level to suggest a marked growth in activity.

Business activity as well as new orders rose sharply in May, despite rates of expansion softening since April. Customer demand continued to expand due to the successful containment of COVID-19 in China, while there were also reports of new product offerings boosting sales.

Employment across China's service sector rose for the third consecutive month, with a number of firms adding to their payrolls due to rising sales.

The 12-month outlook for services activity remained strongly positive but the overall degree of positive sentiment dipped to a four-month low.

Further, the composite output index fell to 53.8 in May from 54.7 in April, to signal a softer expansion of overall Chinese business activity. Growth in both services and manufacturing sectors moderated in May.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.42% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.