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