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“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%.