China’s July factory PMI drops below 50, ending export‑driven rebound
The official manufacturing PMI fell to 49.2 in July, the first contraction since February and the weakest reading in 38 months. The drop, driven by slumping domestic orders and typhoon‑hit plants, erodes the export‑fuelled rebound that lifted growth in Q2 and raises doubts about China’s near‑term growth outlook.