China's official factory activity (PMI index) shrank to three year low in January

China's official factory activity skidded to a three-year low in January, adding to further gloom about the state of the world's second-largest economy. The official Purchasing Managers' Index stood at 49.4, compared with the previous month's reading of 49.7, deepening the case for near-term stimulus and marking the sixth consecutive month of factory activity contraction. The mood was worsened by a private survey from Markit/Caixin that showed January manufacturing activity shrinking for the eleventh straight month.