China Manufacturing Sector Contracts In July, Home Sales Fall Sharply – News Opener – NewsOpener – Stock Market

China's major economic pillars wobbled in July with weakness in manufacturing and the all-important property sector, showing the pressure on a country that remains a drag on the struggling global economy. Chinese manufacturing activity unexpectedly contracted in July, as Beijing's stringent Covid-19 restrictions and weak demand undercut hopes for a more robust economic revival. The official manufacturing purchasing managers index pulled back to 49.0 in July from 50.2 in June, China's National Bureau of Statistics said Sunday. The result left the index below the 50 level that separates expansion from contraction and short of the median forecast of 50.3 among…