The HSBC/Markit Purchasing Managers’ Index (PMI) fell to 48.9 last month, a reading well below both the 50-point mark delineating growth from contraction and which undercut the official figure of 50.1 released by mainland authorities on Friday, Reuters reported. A sub-index for new orders dipped to 48.7 in April, a sharp contraction from March that likewise came in below the official reading of 50.2, which had held steady from March. Analysts’ reactions to the HSBC reading were much the same as for the official number. “The PMI data indicate that more stimulus measures may be required to ensure the economy doesn’t slow from the 7% annual growth rate seen in Q1,” said Annabel Fiddes, an economist at Markit.