CHINA PMI HITS THREE-MONTH HIGH AT 50.4

(Photo by Scott Halleran/Getty Images)

The HSBC China PMI is out for October and it is at 50.4, in line with estimates and at a three-month high.

However HSBC noted in its accompanying note that some underlying factors were causes for concern, including that output and new order growth weakened to a five-month low, and that new export business expanded at its slowest rate since June.

The Australian dollar rose slightly on the data, off its lows for the day, and a short time ago was trading at US$0.8720.

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