Chinese manufacturers report steepest downturn for 15 months at start of third quarter

The Chinese economy started the third quarter with the steepest contraction of manufacturing activity for 15 months, according to survey data. The Caixin Flash China General Manufacturing PMI, compiled by Markit, fell from 49.4 in June to 48.2 in July, its lowest since April of last year. The latest reading signalled a contraction of the manufacturing economy for a fifth consecutive month.