Activity in China’s vast manufacturing sector continued to pick up steam in July, official data showed on Friday. The official Purchasing Managers’ Index (PMI) came in at 51.7 in July, better than a Reuters forecast for 51.4 and after the 51.0 reading in June.
Markets are also waiting for the HSBC final PMI reading for July due shortly, after the flash reading rose to an 18-month high of 52.0. The 50-point level separates growth in activity from contraction.
Asian stocks trimmed their losses while the Australian dollar reversed losses, inching up 0.1 percent against the greenback.