Once again, negative Chinese news started the week, with Markit reporting a 48.2 PMI. Production dropped; orders and prices were weak. The service sector expanded, with the PMI rising from 50.2 to 52.4. The composite index was a barely positive 50.1. Manufacturing is the biggest problem for a large number of markets. As the following chart shows, it’s been contracting for 11 consecutive months:
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