A Chinese manufacturing gauge fell from an initial reading a week ago as a property slump weighs on the world’s second-largest economy.
The Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics for September was at 50.2, lower than the preliminary figure of 50.5 and unchanged from August. Numbers above 50 signal expansion. The Hang Seng Index in Hong Kong extended losses after the report.
Economists have cut estimates for this year’s gross domestic product growth after data on industrial profits, factory output and credit showed a deteriorating outlook. While the government has set an expansion target of about 7.5 percent for this year, Premier Li Keqiang and other policy makers have insisted for months they don’t need strong stimulus measures.
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