Markets Inch Higher In Asia, China's Manufacturing PMI Barely Signals Contraction

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Photo: Feng Li/ Getty Images

The HSBC Flash China Manufacturing PMI came in at 49.7, up from 48.8 in January.A reading below 50 signals contraction.

“With a meaningful rebound of domestic demand not in sight, external weakness is starting to bite, adding more downside risks to growth,” wrote Hongbin Qu of HSBC (via Reuters).

Markets, however, are slightly higher than they were earlier in the Asian trading session.

Japan’s Nikkei is up 0.7%.

Korea’s Kospi is up 0.0%.

Australia’s S&P/ASX is up 0.3%.

China’s Shanghai Composite is up 0.5%.

Hong Kong’s Hang Seng is down 0.1%.

SEE ALSO: 6 TOP ECONOMISTS ANSWER: Is China Heading Toward A Hard Landing?

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