China’s official manufacturing PMI for July was 49.3, below expectations, reflecting contraction for the third straight month. Weather challenges and orders shifting to lower-tariff countries like Vietnam are contributing factors. Export figures expected to remain stable, with tensions between U.S. and China still unresolved.

Both manufacturing and services PMI declined in July, pointing to a second-half slowdown in economic growth. Businesses are not expected to ramp up orders due to trade uncertainty. China’s top leaders did not signal new stimulus plans during a recent meeting, indicating potential economic challenges ahead.

Read more at CNBC: China’s July manufacturing activity contracts more than expected