China's Factory Activity Slows in April Amid New Order Decline
China's factory activity exceeded expectations in April, although growth decelerated compared to the previous month. The official manufacturing purchasing managers' index (PMI) recorded a reading of 50.3, surpassing the anticipated 50.1. Despite this, the non-manufacturing PMI fell to 49.4, indicating contraction in the services and construction sectors. The composite PMI also dipped slightly to 50.1 from March's 50.5. The slowdown in new orders contributed to this deceleration, with the new order sub-index dropping to 50.6 from 51.6. However, the new export orders sub-index rose to 50.3, marking the first time in two years it has surpassed 50. This data comes as China prepares for a summit between President Xi Jinping and U.S. President Trump, where trade issues are expected to be a focal point. 
