Chinese manufacturing output weakened further in October

The performance of China’s manufacturing sector weakened further in October due to energy supply problems and soaring commodity prices, according to data from China’s statistics office. The Manufacturing Purchasing Managers’ Index (BMI), calculated by the National Statistics Office and the Chinese Logistics and Procurement Association (CFLP), fell to 49.2 points in October, indicating a second consecutive month of decline. Analysts had expected a 49.7 point decline, down from 49.6 points in September. The value of the BMI above 50 points indicates an increase and below a decline.