Oil Price: Chinese Manufacturing activities show a contraction in October!
China's Manufacturing PMI - October, 2023 At present, commodity markets are not short of uncertainties that constantly stem from the combination of the crises in the Middle East and of course, the sluggish, global economic outlook. What they do not want is yet another anxiety on a different front. Unfortunately, that's what it really got this week, when China released it monthly data on manufacturing activities: it certainly is not encouraging at all; nor has it got anything to do with the two major wars that is raging in both Ukraine and the Gaza strip at present. China admitted this week that its manufacturing activity contracted in October by 0.7% from what it was in September, having shown a steady growth since May this year until the last month. The key metric that shows the Chinese manufacturing activities, Manufacturing PMI, was 49.5 in October, which was 50.5 in September just above the threshold, 50%. The deceleration of manufacturing activity in the world's s
