April Hong Kong PMI shows first expansion in 4 months
TOKYO -- The Nikkei Hong Kong Purchasing Managers' Index, or PMI, for April rose to 51.1 from March's 49.9, showing the region's business conditions improved for the first time since December. The improvement was supported by higher volumes of new orders.
A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction.
"It seems a little premature to conclude that the upturn has legs," said Bernard Aw, an economist at IHS Markit. "Chinese demand for Hong Kong products and services continued to wane, while business confidence remained downbeat. Moreover, cost inflation accelerated at a time when firms are discounting prices to cope with greater competition."
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