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China's factory activity contracted for the seventh consecutive month in October, the government said Friday, as a newly announced truce in the trade war between the US and China offers some hope for a stronger recovery in exports. The official manufacturing purchasing managers index slipped to 49 in October from 49.8 in September, worse than forecast, the China's National Bureau of Statistics reported, based on a survey of factory managers. Measured on a scale between 0 and 100, a PMI reading below 50 indicates contraction. On Thursday, US President Donald Trump said the US will cut its fentanyl-related tariffs on China from 20 per cent to 10 per cent after his meeting in South Korea with Chinese leader Xi Jinping, bringing down US tariffs on Chinese goods from 57 per cent to 47 per cent. China has been diversifying exports from the US, with shipments to regions including Southeast Asia and Africa growing. Exports to the US, however, have dropped by double-digits for six straight
The Indian services sector growth touched a ten-month high in June aided by robust expansion in international sales and job creation, amid positive demand trends and ongoing improvement in sales, a monthly survey said on Thursday. The seasonally adjusted HSBC India Services PMI Business Activity Index rose from 58.8 in May to 60.4 in June, driven by sharp upturn in new business orders. In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction. "The Services PMI business activity index was up to a ten-month high, led by a sharp rise in new domestic orders. New export orders also expanded, albeit at a softer pace. Margins improved, as the rise in input costs was below that seen for output charges," Pranjul Bhandari, Chief India Economist at HSBC, said. New orders expanded at the quickest rate since August 2024. Services companies benefited most from the continued strength of the domestic market, alongside a marked .