The Caixin China Composite PMI data (which covers both manufacturing and services) pointed to a stronger rise in total business activity across China in November. Notably, the Composite Output Index rose from a 28-month low of 50.5 in October to 51.9 in November, to signal a modest rate of expansion.

The stronger performance was supported by a rebound in activity across the service sector, as manufacturing production was stable for the second month in a row. Furthermore, the latest upturn in services activity was the most marked for five months, with the seasonally adjusted Caixin China General Services Business Activity Index climbing from October’s 13-month low of 50.8 to 53.8 in November. According to panellists, improved underlying demand conditions and greater client numbers contributed to higher activity levels. At the same time, relatively subdued demand across the manufacturing sector meant that factory output remained unchanged.