The service sector in China and Japan remains positive, but growth slowed in June, according to the latest figures.
Hong Kong’s Hang Seng Index is leading the broad decline in stock exchanges in Asia on Wednesday morning, Norway time.
This is what 06:30 looks like:
- The Nikkei 225 index fell in Tokyo by 0.41 percent.
- Hong Kong’s Hang Seng fell 1.38%.
- The Shanghai Composite Index fell 0.51 percent.
- The Kospi Index in Seoul was down 0.21%.
- The FTSE Straits Times Index in Singapore fell 0.46%.
- The Sydney ASX 200 Index fell 0.36 per cent.
On Tuesday, the picture was more mixed, after Australia’s central bank went for a rate hike and kept Australia’s key interest rate unchanged at 4.10 per cent.
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Lowest services PMI since January
Figures arrived on Wednesday that show activity in China’s service sector remained on positive ground for the sixth consecutive month, according to the company. CNBC.
China’s services PMI came in at 53.9 in June, according to the Caixin/S&P Global survey. The lowest level since January, down from 57.1 points in May, according to Reuters.
PMIPMIstands for “Purchasing Managers Index”. Every month, PMIs are prepared in more than 40 countries. It measures the flow of goods and mood among purchasing managers and is an important indicator of economic development. stands for “Purchasing Managers Index”. Values over 50 indicate an increase in activity or growth, while values less than 50 indicate a decrease.
Firms in the services sector report a strong increase in purchasing costs at the end of the second quarter, while service provider prices rose marginally in June.
Earlier this week, figures showed that the country’s manufacturing PMI fell to 50.5 in June, down from 50.9 in May.
The Japanese PMI fell
Japan’s composite purchasing managers’ index fell to 52.1 in June, compared with 54.3 in the previous month, according to data compiled by Jibbon Bank and Markit Economics, according to Trading Economics. This is what TDN Direkt writes.
Activity in the service sector also remains on the positive side of the line.
Japan’s services PMI was at 54 in June, down from 55.9 in May.
– Japan’s service economy indicates that demand remained positive during the month of June, says Usama Bhatti, economist at S&P Global Market Intelligence, according to CNBC.
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