China's manufacturing activity contracted unexpectedly in April

Data issued by the National Bureau of Statistics showed that China's industrial purchasing managers' index fell to 49.2 points in April, compared to 51.9 points in March, the first contraction since last December, with new export orders falling to 47.6 points in April, compared to 50.4 points in March.

The services PMI fell to 56.4 points in April, compared to 58.2 points in March, and the composite PMI, which combines the industrial and service sectors, fell to 54.4 points in April, compared to 57.0 points in March. "Lack of market demand and the impact of the high base from the rapid recovery in manufacturing in the first quarter were among the factors that led to the contraction in April," said Zhao Qinghe, chief statistician with the National Bureau of Statistics.