China's manufacturing-activity growth has slowed this month, according to HSBC data released Tuesday. The preliminary or "flash" version of HSBC's manufacturing Purchasing Managers' Index fell to a two-month low of 50.5 from March's final reading of 51.6, and well below a Bloomberg forecast of 51.5. While the headline index remained above the 50 mark that divides growth from contraction, the subindex for sector employment swung to a decrease. The flash PMI includes about 85%-90% of the responses to the survey, conducted for the bank by Markit. "New export orders contracted after a temporary rebound in March, suggesting external demand for China's exporters remains weak," said HSBC chief China economist Hongbin Qu of the report. Chinese stocks extended their losses after the data release, with the Shanghai Composite CN:000001 -1.11% down 1.2% after trading with a 0.4% deficit just ahead of the numbers. Hong Kong's Hang Seng Index HK:HSI -0.66% was down 0.7% versus a 0.3% loss before the data. The Australian dollar, often sensitive to the economy of Australia's key trading partner, slipped modestly to $1.0227 from $1.0253.
Miss...Global Recession.
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