HSBC preliminary index shows uptick in China manufacturing

The preliminary HSBC China Manufacturing Purchasing Managers Index has risen to 49.0 in December, up slightly from a final reading of 47.7 in November, The Wall Street Journal reported. Although a rating below 50 indicates a contraction in the manufacturing sector, the uptick is a sign that China’s economic slowdown may not prove as hard for the month as some had feared. “The pace of slowdown stabilized in December but the growth momentum remains weak, with additional downside risks from exports and the property market not yet fully filtering through,” wrote HSBC China economist Hongbin Qu in a statement. The HSBC flash China PMI is based on 85-90% of total responses to the bank’s PMI survey each month; a final figure is set to be released December 30.