China's manufacturing PMI contracted for a second consecutive month in June.
The non-manufacturing PMI expanded, but a slower pace than in May.
The composite PMI, which includes both manufacturing and nonmanufacturing activities, dropped from 51 in May to 50.5 in June
Chinese PMIs come from the National Bureau of Statistics.
These are not going to be viewed as good data and will, at the margin, be a headwind for China- and China-proxy trades. Poor data from China has tended, in the past, to be a two-edged blade. Poor data is ... well, poor. But the flip side was that it held the potential for further stimulus. The stimulus we've had from China since exiting the pandemic has been piecemeal at best though.
