China’s official manufacturing PMI rebounds
China’s official manufacturing purchasing managers’ index (PMI) posted an expansion for the first time since October 2022, according to the National Bureau of Statistics.
China’s manufacturing activity for January came in at 50.1, above the 50-point threshold separating growth from contraction.
The reading beats Reuters’ forecasts of 49.8, and stands higher than December’s figure of 47.
Similarly, China’s non-manufacturing PMI, which comprise of the services, catering and construction sector, rose to 54.5 from 41.6 in December.
—Lee Ying Shan
Samsung shares drop after posting 69% plunge in profits
Samsung Electronics recorded a steep 69% decline in profits to 4.3 trillion won ($3.49 billion) on Tuesday on the back of a slump in demand for consumer electronics.
“Demand for smartphones remained sluggish with the mass market contracting sharply due to continued inflation and geopolitical…
