China official May manufacturing PMI at 51.2, higher than expected 51.0

by Dramelin 7:00 PM 0 comments

Growth in China`s manufacturing sector came in higher than expected in May from a month ago, an official survey showed on Wednesday.
The National Bureau of Statistic`s official Purchasing Managers` Index (PMI) came in at 51.
2 higher than the 51.
0 expected and even with 51.
2 in April, Reuters reported.
Services PMI rose to 54.
5 in May from 54.
The services sector accounted for over half of the Chinese economy last year.
A reading above 50 points to growth in the PMIs.
Bank of Singapore`s Chief Investment Officer, Johan Jooste said the market is now less focused on Chinese data as investors zoom in on the country`s clampdown on liquidity and leverage.
"When you look at fundamentals, the game in town is just to keep a steady track, no nasty surprises and this is what what we see this morning.
It`s more or less in line with what we think and that keeps the market in a sanguine frame.
" he told CNBC`s "Squawk Box".