European stocks are seen opening higher on Monday despite China reporting a slowdown in manufacturing activity. <\/p>\n
Data released Saturday by the National Bureau of Statistics showed China’s official purchasing managers’ index fell to 50.4 in July from 50.9 in June, adding to concerns about a slowdown in the world’s second-largest economy<\/span>. It was the slowest figure since the index slumped to 35.7 in February 2020.<\/p>\n China’s Caixin\/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 50.3 last month from 51.3 in June, marking the lowest level in 15 months.<\/p>\n Elsewhere, manufacturing activity rose in export powerhouses Japan and South Korea, though firms suffered from supply chain disruptions and raw material shortages that pushed up costs.<\/p>\n Asian markets<\/span> rose broadly as Chinese authorities moved to soothe fears over a crackdown on tech companies and a top decision-making body of the ruling Communist Party said China will maintain stable macro policies in the second half of the year to ensure growth. <\/p>\n Oil prices fell about 1 percent in Asian trade as signs of slowing growth in China, the second-largest oil consumer globally, clouded the fuel demand outlook. <\/p>\n Investors also looked ahead to the Organization of the Petroleum Exporting Countries and allies (OPEC+) increasing its oil output.<\/p>\n The U.S. dollar held near a one-month low, heading into a busy week that includes monthly jobs data and reports on manufacturing and service sector activity, factory orders and the U.S. trade deficit.<\/p>\n Closer home, factory purchasing managers’ survey results from euro area and the U.K. are due later in the session, headlining a light day for the European economic news.<\/p>\n