HSBC China PMI hits 11-month low.

HSBC China flash PMI has dropped for the third consecutive month in July, declining to an 11-month trough of 47.7 from 48.2 in June. The employment sub-index slumped to 47.3, its lowest level since March 2009, while new orders also hit an 11-month bottom. The numbers point to "a continuous slowdown in manufacturing sectors thanks to weaker new orders and faster de-stocking," says HSBC.