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Chinese manufacturing slows
Chinese manufacturing activity fell in May according to survey data published yesterday, leading economists to forecast additional stimulus from the government. The sector’s purchasing managers’ index fell to 48.7 in May from 49.3 in April, according to initial estimates from Markit. Any figure below 50 shows a contraction. The output index moved to a seven-month high of 50.5 to record very slight growth. However, new orders dropped, as did export orders and employment level.