China PMI update
The official Chinese manufacturing Purchasing Managers' Index (PMI) was unchanged from September at 49.8 in October, its third month in succession below the 50 benchmark that separates expansion from contraction, China's National Bureau of Statistics reports. Production and new orders expanded in October, however raw material inventories and employment in the sector contracted at a faster rate. Meanwhile, China's steel sector PMI dropped to a three month low of 42.2 in October, down from 43.7 in September, according to data from the China Federation of Logistics and Purchasing reported by SteelFirst. It has now remained below the 50 benchmark for 18 consecutive months.