CHINA DATA: The expansion of China’s manufacturing activities accelerated in
November on the back of a further improvement in new orders and a recovery in
exports, the latest reading of the purchasing managers index produced by the
China Federation of Logistics and Purchasing indicated. The headline index rose
to 50.6, slightly below the 50.8 expected by economists but marking a solid
improvement over October’s reading of 50.2. The index stood at 49.8 in September
and 49.2 in August — the first sub-50 readings since last November — and 50.1
in July. Analysts welcomed the data, noting that it provides fresh evidence that
economic conditions have stabilized. They also warned that the recovery in
activity remains only moderate for now. HSBC final November PMI released this
morning at 0945 Beijing/0145 GMT.