China Services PMI

The Caixin China General Services PMI increased to 52.0 in October 2024, up from September's one-year low of 50.3 and surpassing market forecasts of 50.5, after Beijing launched a series of support measures in late September. This marked the highest reading since July, as new business inflows grew for the first time in four months, with a solid rise in export orders. Meanwhile, employment increased for the second consecutive month, though only marginally, while backlogs of work rose slightly for the third straight month. On the cost side, input prices increased due to higher material and energy costs, although the inflation rate eased to a three-month low and remained below the series average. Output prices, meanwhile, stabilized after two consecutive months of decline. Finally, business confidence improved to a five-month high, rebounding from September's four-and-a-half-year low amid hopes for better economic conditions and increased promotional efforts.