News Summary: China manufacturing shrinks in June

News Summary: China manufacturing declines in June, hurt by falling production, demand

Associated Press

SHANGHAI SHUFFLE: Manufacturing in China contracted this month at a faster pace as demand weakened, according to a private survey Thursday, adding to fears about a fragile recovery in the world's second-biggest economy.

NERVOUS NUMBERS: HSBC said that the preliminary version of its monthly purchasing managers' index fell to a nine-month low of 48.3 in June, down from 49.6 in May. Numbers below 50 indicate a contraction.

LOSING STEAM? HSBC cited a sequential reduction in both production and demand, and said the outlook for economic growth in China in the second quarter is now "slightly weaker."

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