China's HSBC PMI for May falls a bit more than the "flash" read tipped off 10 days ago,...
China's HSBC PMI for May falls a bit more than the "flash" read tipped off 10 days ago, coming in at 49.2 from 50.4 (flash came in at 49.6). The downward revision "suggests a marginal weakening of activities toward the end of May, thanks to deteriorating domestic demand conditions," says HSBC. "Beijing needs to boost domestic demand." Reaction is muted: Shanghai (FXI, CAF) +0.2% and Hong Kong (EWH) +0.6% in early trade. The aussie (FXA) knee-jerks down a few pips, but is +0.4% on the session at $0.9618.
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