China flash PMI rises past estimates


The preliminary May HSBC PMI of 49.7 rises from 48.1 at the end of April and stands against estimates for 48.3, though still remaining in contraction territory.

“A few industries that are sensitive to the mini-stimulus may have started to benefit from the pro-growth policies,” says Everbright chief economist Xu Gao. “It’s still too early to conclude that a quick rebound is taking place in the Chinese economy."

The Shanghai Composite fell 0.2% overnight, while Hong Kong (EWHgained 0.5%.

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