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Financial News: Hong Kong PMI Climbs To 36.9 - IHS

Hong Kong PMI Climbs To 36.9 - IHS Marketing

05/05/2020 - 20:51:00 (RTTNews)

(RTTNews) - The private sector in Hong Kong continued to contract in April, albeit at a slightly slower rate, the latest survey from IHS Marketing revealed on Wednesday with a PMI score of 36.9.

That's up from 34.9 in March, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

Individually, measures to combat the spread of COVID-19 continue to weigh heavily on sales, while business sentiment remains deeply negative.

Deflationary pressures persist as overall business costs fell further from March on a combination of lower paid prices for inputs and wage savings (linked to redundancies and furloughed workers). At the same time, firms provided discounts to boost sales, with selling prices falling at a marked pace.

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