Chinese flash HSBC PMI dropped to 50.5 in April from 51.6 in March, missing expectations by a full point. "New export orders contracted after a temporary rebound in March, suggesting external demand for China's exporters remains weak," says HSBC. "Weaker overall demand has also started to weigh on employment in the manufacturing sector." The disappointing reading comes not long after Q1 GDP growth slowed to 7.7%, and it helped send Asian stocks lower.
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