A Chinese manufacturing gauge rose in October, adding to signs that the world’s second-largest economy is weathering a housing market downturn.
The preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was at 50.4, exceeding the median estimate of 50.2 in a Bloomberg News survey, which was also the level of September’s final reading. Numbers above 50 indicate expansion.
Chinese policy makers are trying to avoid a deeper slowdown after gross domestic product expanded 7.3 percent in the third quarter from a year earlier, the weakest pace in more than five years. While policy makers have relaxed home-purchase controls and pumped liquidity to lenders, the economy also got support from a pick-up in exports in September.