China’s factory activity shrinks amid Covid disruption

Sharpest contraction is in energy-intensive industries, such as petrol, coking coal and ferrous metalsChina’s factory activity unexpectedly shrank in July as sporadic Covid outbreaks disrupted the sector and the slowing global economy weighed on demand.The official manufacturing purchasing managers’ index (PMI) fell to 49.0 in July from 50.2 in June, China’s National Bureau of Statistics said on Sunday. That was weaker than forecast, below the 50-point mark separating expansion