HSBC's Flash China Manufacturing PMI printed at 48.1 (against a hope-strewn 48.7 bounce expectation). This is the lowest in 8 months and among the lowest prints since Lehman. Even the usually silver-lining-seeing HSBC Chief economist had little positive to add, "weakness is broad-based with domestic demand softening further." Early strength in CNY, stocks, and copper is eroding fast.
Copper was holding in early but is fading fast now…
The Yuan rallied out of the gate on a modestly higher fixing but is fading back fast post PMI…
And for everyone hoping that bad news is good news and stimulus is coming…
*CHINA MUST FACE `MORAL HAZARD' ISSUE, VICE MINISTER SAYS: CNBC
via Zero Hedge http://ift.tt/1dgrOd3 Tyler Durden