Financial news

Surveys: China factory activity grew in April

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Via AP Business

BEIJING (AP) — Two surveys show Chinese factory activity grew in April but below the previous month’s pace amid a tariff war with Washington.

The separate surveys released Tuesday by a Chinese business magazine and an industry group showed activity above the level that indicates activity is expanding.

The figures added to suggestions China’s economic downturn might be bottoming out. But analysts cautioned the world’s second-largest economy faces downward pressure amid its trade fight with Washington and weak consumer demand at home and abroad.

The monthly purchasing managers’ index released by the magazine Caixin fell to 50.2 on a 100-point scale from March’s 50.8. A separate index by the China Federation of Logistics & Purchasing declined 0.4 points to 50.1, just above the 50-point line above which activity is accelerating.

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