HSBC Chinese manufacturing PMI has fallen to a nine-month low of 48.3 in June from 49.2 in May and vs consensus of 49.4. "Manufacturing sectors are weighed down by deteriorating external demand, moderating domestic demand and rising de-stocking," says HSBC. Because of Beijing's preference for reform over stimulus, HSBC expects "slightly weaker growth in Q2." The data added to the gloomy market sentiment, with miners in particular suffering.
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