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HK's economic activity down for the first time in 11 months

Hong Kong's PMI, a measure of the city's economic activity, declined in January for the first time in 11 months due to new Covid-19 restrictions. The city's IHS Markit PMI fell to 48.9 in January, down from 50.8 in December and below the 50 threshold that separates expansion from contraction. Both new orders and output dropped for the first time since March, while overall sentiment also turned negative. Business confidence dropped to a 12-month low. Analysts said the city's Covid-zero strategy has isolated Hong Kong from much of the world, adding to the challenges faced by the Asian finance hub.

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