Conflicting economic data from China leaves stock markets in freezing temperatures on first trading day of year – Finance

According to China's official Purchasing Managers' Index, the country's factory output contracted for a third month in a row in December.

Asian The year started off slow for the stock market.

In China, the CSI 300 index, which tracks shares of the country's major companies, was down more than 1 percent at 9:30 a.m. Finnish time on Tuesday.

Hong Kong's Hang Seng index was 1.9 percent below zero.

In Japan, stock markets are still closed after the start of the year.

In China, market sentiment began to dampen over the weekend after reports of a contraction in the country's factory output. This further darkened the outlook for China's economic recovery.

China's factory output contracted for a third month in a row in December and was weaker than expected, according to the official Purchasing Managers' Index released over the weekend.

The Purchasing Managers' Index, which describes factory activity, fell to 49 points in December from 49.4 points in the previous month. A reading above 50 points in the Purchasing Manager Index indicates that production is increasing. Again, a reading below 50 points indicates contraction.

Economists in a forecast compiled by Reuters had expected the index to read 49.5 points in December.

The result differed from an index of private buying managers published by Caixin and S&P Global on Tuesday. According to it, the country's factory activity expanded rapidly in December due to increased production and new orders. The Purchasing Managers' Index increased to 50.8 in December from 50.7 in November.

Deer President Xi Jinping In his New Year's address on Sunday, he said that in 2024, China will “strengthen and enhance the positive trend of economic recovery” and “deepen reforms” to boost confidence in the country's economy.

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