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HK Feb S&P Global PMI Falls to 49 as Private Sector Biz Activity Deteriorates
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S&P Global reported that Hong Kong’s seasonally adjusted Purchasing Manager’s Index (PMI) faded to 49 in February from 51 in January, busting below the neutral 50 threshold. This marks the first aggravation in business conditions since September 2024. While the decline was modest, it was the most evident in eight months. Business activity contracted for the first time in five months, aligning with trends in new orders. Surveyed firms noted that a sluggish economic environment, paired with rising prices for goods and services, undermined demand in February. This affected both orders in the mainland and overseas, with the latter particularly impacted by market concerns over U.S. tariffs. Overall, the manufacturing sector logged the steepest slump in new orders and output during the month. Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, commented that the February data reflects an exacerbating business environment following the start of the year. With both local and export demand subsiding, operating activity reverted down after four consecutive months of growth. Forward-looking indicators, such as the new orders index and output expectations index, suggest further contraction in business operations in the coming months. Pan added that overall business confidence has slumped to its lowest level in one and a half years, signaling a need for stronger policy support to counter the deepening pessimism. The softening business climate has not only prompted companies to cut jobs and reduce input purchases but has also squeezed pricing power over the past few months, leading to waning profit. AAStocks Financial News |
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