Oil Price: China's manufacturing PMI is slightly up in July!
China's Manufacturing PMI - July 2023 Oil price has been on the increase and the production cuts announced by Russia and Saudi Arabia have already been attributed to the sudden spike that we see in the commodity markets. China has, meanwhile, released its much-awaited monthly report on its economy, including that of its Manufacturing Purchasing Managers' Index, also know as the PMI. According to the National Statistics Bureau of China, the PMI index has actually gone up: it is up by 0.3% since June to 49.3% during the month of July. Although it is still below the threshold, 50%, the fact that the PMI has been on the increase since May indicates that the manufacturing activities are consistently are on an upward trend. China is upbeat about the latest development despite that being just 0.3% rise, defying the critics, who saw just the exact opposite. Investors certainly must have seen this coming, while gauging the potential impact on the markets by the production cuts anno