Chinese markets saw cautious moves today as the two days of talks between the US and China are under way in an attempt to come to a mutual deal on the lingering trade war. However, the recent uptick in the benchmark Shanghai Composite index, which had dropped to a four year low in last week of December, is being followed by some corrective selling pressure now. Weak economic data releases and a general slackness in the financial conditions are weighing on the sentiments as well. The benchmark index ended down 0.26% at 2526.46 today after hitting its three week high yesterday.
China manufacturing sector fell into contraction in December with a PMI score of 49.4, the latest survey from the National Bureau of Statistics said last week. That's down from the no-change mark 50.0 in November, falling beneath that mark and into contraction. A score above 50 signals expansion. The bureau also said its non-manufacturing PMI climbed to 53.8, up from 53.4 in the previous month. As a result of the two scores, the bureau's composite index came in at 52.6 - down from 52.8 a month earlier.
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