The Financial Times Confidential Research (FTCR) China Business Activity Index (BAI) — a composite reading of the month-on-month change in activity in the real estate, export and freight sectors — rose above 50 in June. The index rose to 50.8 from 48.9, indicating a slight improvement in activity after May’s fall, but it remains below the historical average of 52.4. The change in the headline index was the result of improvements in all three underlying components, including our Real Estate Index, which rose to 57.1 from 55.7. The other two components — export and freight — remained below 50 (the mark separating improvement from deterioration) though improved slightly on a sequential basis. The FTCR China Export Index rose to 48.5 from 46.2, while our Freight Index rose to 46.3 from 44.0.