China May official services PMI rises to 54.5 vs. 54.0 in April
- Author: Zachary Reyes May 31, 2017,
May 31, 2017, 17:56
China's non-manufacturing sector expanded at a faster pace in May.
An official monthly survey shows that growth in China's factory activity was steady last month, in a sign that the recovery in the world's No. 2 economy is holding up.
The most-traded copper contract on the Shanghai Futures Exchange slipped 0.6 percent to 45,770 yuan ($6,679) a tonne.
The manufacturing PMI for medium-sized enterprises stood at 51.3 in May, up from 50.2 in April, while PMI for small enterprises came in at 51 in May, the highest in five years, added the report. On-warrant stocks have decreased by a third since mid-April.
The service sector, which accounts for more than half of the country's gross domestic product previous year, saw robust growth in May, with the index rising to 53.5 from 52.6 in April. Numbers higher than 50 indicate improving conditions. Oil prices eased and the dollar index remained under pressure while the pound hovered near a one-month low after a new poll found U.K. Conservatives could fall short of overall majority in next month's national election.
All the three main US indexes ended the day in negative, following the release of soft consumer confidence data while consumer spending recorded its biggest increase in four months.
European stocks extended declines for the fourth day on Tuesday as fresh political worries surrounding Britain, Italy and Greece as well as mounting tensions between North Korea and the West sapped investors' appetite for risk.