Key Points:China’s Manufacturing PMI dropped to 49.5 in July, signaling a mild contraction.New export orders contracted for the fourth straight month, worsening China’s external trade outlook.Investors are eyeing Beijing’s next move as weak PMI data stoke expectations of fresh economic stimulus.S&P Global China General Manufacturing PMI Unexpectedly ContractsChina’s manufacturing sector unexpectedly contracted in July as new export orders dropped, underscoring the effect of US tariffs on trade t