China's HSBC composite PMI indicated contraction for the first time in 10 months in June, slipping to 49.8 from 50.9 in May, while the services print edged up to 51.3 from 51.2. The official services PMI slid to 53.9 from 54.3. "The underlying growth momentum is likely to be softening for services sectors, along with the slowdown of manufacturing growth," says HSBC, adding that it expects services growth to slow in the coming months.
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