China Markit Manufacturing PMI plunges into contraction: 49.5 in August (expected 50.2)

Yesterday's official manufacturing PMI was awful:

• China August Manufacturing PMI 49.4 (exp 49.2) & Non-manufacturing 52.6 (exp 52.2)

The follow-up privately surveyed manufacturing PMI from Caixin/Markit is also a poor one:

49.5

• expected 50.2, prior 50.4

• Both China manufacturing PMIs are firmly in contraction. Headwinds include:
  
  COVID outbreaks and associated restrictions
  the deeply troubled contracting property sector
  power shortages in southwestern China