Shanghai Composite Closes Down 22.60 Points on Concerns Over Slowing Chinese Manufacturing

MacroPrice Action

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The Shanghai Composite Index closed lower today at 3,809.66 points, down 22.60 points or 0.59 percent, after China's manufacturing purchasing managers' index compiled by S&P Global fell to 50.9 in July from 51.7 in June, missing analyst expectations of 52. This aligns with data from China's National Bureau of Statistics reported on Friday showing the manufacturing PMI dropped to 49.2 in July from 50.3 in June. Additionally, a global sell-off in artificial intelligence technology stocks dragged down Chinese tech shares, with Cambricon Technologies plunging 7.05 percent, SMIC falling 6.04 percent, and NAURA Technology dropping 6.65 percent.