Employees work along a production line of a textile factory in Suzhou, Jiangsu province, China, June 13, 2015.REUTERS/China Daily
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The global economy started the second half of the year on shaky ground as business activity in the eurozone was weaker than expected and China's vast factory sector appeared to be contracting at the fastest pace in 15 months in July.The surveys come just months after the European Central Bank embarked on a 60 billion euro ($66 billon) a month bond-buying program and as Beijing said it would allow its yuan currency to fluctuate more widely within its trading band as a way to support trade.Markit's Composite Flash PMI, based on surveys of thousands of companies and seen as a good guide to growth, fell to 53.7 this month from June's four-year high of 54.2 .Markit said the data provisionally pointed to third-quarter growth of 0.4 percent, slightly weaker than the 0.5 percent predicted in a Reuters poll published Thursday.The survey of executives in over 420 Chinese manufacturing firms found output, new orders and export orders all decreased.
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