China's factory activity extends expansion, PMI shows, as Iran war risks mount

China's factory activity expanded for a second straight month in April, with manufacturers increasing production to meet demand before potential price hikes due to the Iran war. The official manufacturing purchasing managers' index (PMI) dipped to 50.3, but remained above the 50-mark separating growth from contraction. New export orders rose to their strongest level in two years, while the overall new orders sub-index fell to 50.6