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Hong Kong’s Purchasing Managers’ Index (PMI) fell for the 16th straight month in a row during the month of June that indicated a sharp deterioration in the country’s private sector economy, following the Brexit reality that is still weighing on market sentiments.
The Nikkei Hong Kong Purchasing Managers Index fell to 45.4 in June from 47.2 in May. The June PMI was partly dragged by sharp declines in output and new orders amid weak demand from China, Markit said. The PMI reading remained well below the 50-point mark, where a figure exceeding 50 indicates an expansion in manufacturing activity, while a reading below that points to a contraction.
"Key variables such as output, new orders and purchasing activity all contracted at sharper rates amid reports of weak global economic conditions and muted spending among clients," said Annabel Fiddes, Economist, Markit.
She also mentioned that a drop in the latest Hong Kong PMI signals that the current downturn in private sector intensified at the end of the second quarter. Further, vulnerability in global economic conditions, coupled with Brexit is likely to further weigh on consumer and producer confidence that can lead to a further fall in the second half of 2016.
Meanwhile, the PMI is derived from indexes that measure changes in output, new orders, employment, suppliers' delivery times and stocks of goods purchased. The PMI is based on a survey of about 300 companies.
