HSBC index confirms China's manufacturing accelerating

HSBC’s (HBC.NYSE, HSBA.LON, 0005.HK) measure of China’s manufacturing activity reached a 13-month high in November, adding to signs that the sector is reviving, British Broadcasting Corporation reported. The bank said Monday that its Purchasing Managers’ Index hit a level of 50.5 in November, compared to 49.5 in October. A figure above 50 shows growth in activity. The findings seconded a trend in the Chinese government’s official version of the same benchmark, released on Saturday. The official PMI hit a 7-month high, with a reading at 50.6 for November, up from 49.5 a month before. Analysts are confident that the rebound will be sustained. “It’s not just an indicator or two it’s really across the board tweaking up slightly, and I think that is good news for pretty much everybody,” said David Carbon, chief economist at DBS Bank (D05.SGX).