Chinese manufacturing activity contracted for the second consecutive month in September, adding to gloom over the state of the economy and raising analysts’ expectations of another rate cut from the central bank. Fears of a deepening slowdown in China, a huge buyer of commodities and contributor to global growth, have spooked investors across the world. Quieter Chinese factories, many of which are saddled with overcapacity, put a dent in world trade, South Korea being the latest to show the scars of lower exports. China’s official purchasing manager’s index released on Thursday came in at 49.8 last month, after a reading of 49.7 in August. Readings below 50 indicate contraction. Thursday’s PMI was higher than the unofficial Caixin China PMI released last week. The Caixin index focuses on small and medium-sized companies in China, which routinely complain of difficulties in obtaining loans from the state-led banking system.