Top Stock Market Highlights of the Week: China’s Factory Activity, UOB, Meta Platforms and Raffles Medical Group
Welcome to this week’s edition of top stock market highlights.
China’s factory activity
Manufacturers in China must have breathed a collective sigh of relief as the country ended its draconian COVID-zero policy. China’s National Bureau of Statistics reported that the country’s manufacturing purchasing manager’s index (PMI) rose to 52.6 in February, up from 50.1 in January. Not only did the PMI for February beat the median economists’ estimate of 50.6 by a long shot, but it was also the highest reading since April 2012. This near decade-high reading signaled a strong economic recovery for the Middle Kingdom as people returned to work after the Lunar New Year break and normalcy returned. Road congestion in major cities has increased as more people go about their business, while restaurant and mall spending both rose. This is good news for companies that have suffered from snarled supply chains as China remained shut off from the world for most of last year….