Factory activity in China continues to contract despite a temporary lift from export growth. The latest PMI data shows manufacturing remains under pressure even as overseas demand provided some support. This divergence between domestic weakness and external demand creates an interesting dynamic for risk assets. Worth watching how this plays out across global markets—weak manufacturing typically signals reduced industrial demand, but strong exports could mean continued dollar flows. The question is whether export momentum can sustain itself or if domestic headwinds will eventually drag everything down.