Chinese stocks sag as trade fight trumps stronger economic data

Official and private surveys of China's manufacturing activity rose more than expected in September, data showed Monday.The Caixin Purchasing Managers Index, a privately-conducted survey, expanded at the quickest pace in 19 months, reaching 51.4 in September. It was up from 50.4 in August and beating an estimated 50.2 in a Reuters poll of analysts. The government's official PMI for September also beat analyst estimates, increasing to 49.8 from the 49.5 it registered in August.

Ting Lu, an economist for Japanese brokerage firm Nomura, agreed the rebound is unsustainable. "An escalation of US-China trade tensions remains likely, while the slowing of global growth has been another drag on China's exports," he said. US moves hit Chinese firmsChina's economic slowdown has been compounded by its months-long trade war with the United States. Senior officials from the two countries are expected to meet in Washington later this month for trade talks.

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