CHINA DATA: HSBC November flash PMI due 0945 local/0145 GMT. Although the
headline index may break above the 50-mark for what would be the first time in
over a year, market isn’t expecting much of a push above that crucial level. The
October final PMI rose to an eight-month high of 49.5, up from September’s 47.9
but still marking a 12th straight month of manufacturing contraction. That was
enough to cheer upon release at the start of November. But the stabilization
story has now been baked in and, with sentiment again eroding, markets may not
be satisfied by anything less than a solid print above 50.