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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
Economy 2 MIN READ

China dampens the mood again

July 5, 2023By Reuters
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China’s faltering economic recovery has once again dominated activity in financial markets, dampening risk sentiment and giving the dollar a broad boost in relatively muted moves after the US July 4 holiday.

The private-sector Caixin/S&P Global services purchasing managers index hit a five-month low in June, reflecting growing vulnerability in a once resilient sector of the massive economy.

The data quickly reversed a day-old bounce in the Chinese yuan, which appeared on Tuesday to have finally paid heed to the central bank’s series of stronger-than-expected midpoint settings and other measures to slow its decline.

Beijing’s export curbs on two widely used metals in semiconductors and electric vehicles continued to dominate headlines, drawing strident commentary in the domestic press just before Treasury Secretary Janet Yellen’s visit to China.

Yet news that Tesla (TSLA) and its main Chinese rival BYD racked up record deliveries of China-made electric vehicles in the second quarter suggests that demand in at least one segment of the economy is alive and well.

The European and UK calendar is dominated by final services and composite PMIs for June, also expected to confirm a slowing in what has been a consumption-led economic recovery.

The US is due to release factory orders for May, but the focus will of course be on the minutes of the Federal Reserve’s June meeting, which resulted in a pause in tightening while adding two more rate hikes to the outlook.

Key developments that could influence markets on Wednesday:

Euro zone, UK final June services and composite PMIs, EZ May producer prices

ECB policymaker and French central bank head Francois Villeroy de Galhau speaks at a financial conference in Paris

US May factory orders, June FOMC minutes

(Reporting by Sonali Desai; Editing by Jacqueline Wong)

 

This article originally appeared on reuters.com

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