China's manufacturing activity falls
An official survey showed that manufacturing activity in China contracted in May, with the Purchasing Managers' Index falling to 50 from 50.3 in April, reflecting pressure from weak domestic demand and rising production costs. Demand for new orders, production, and inventories declined, while China was less affected quickly by the Iran war due to its extensive energy reserves. The country continues to rely on exports to Europe and Southeast Asia to support its economy.
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