CHINA OPERATING CONDITIONS DETERIORATE FOR FIRST TIME SINCE OCTOBER

HONG KONG - After adjusting for seasonal factors, the HSBC Purchasing Managers’ Index – a composite indicator designed to provide a single-figure snapshot of operating conditions in the manufacturing economy – posted at 49.2 in May, down from 50.4 in April. This signalled the first deterioration in operating conditions in seven months. HSBC says that despite operating conditions worsening, manufacturing output rose for the seventh month in a row during May, albeit marginally.