China’s factory activity contracts for 8th month in November despite trade war truce

China’s factory activity contracted for the eighth straight month in November, according to an official survey on Sunday, underscoring challenges for the country’s economy despite the U.S.-China trade truce. The official manufacturing purchasing managers index rose slightly to 49.2 in November from 49 in October, China’s National Bureau of Statistics said. The PMI is measured on a scale between 0 and 100, with a reading below 50 indicating contraction. The contraction was in line with analyst expectations. A U.S. tariff cut earlier this month likely would mean that Chinese exports could gain competitiveness in the U.S. market, but it may…