Chinese manufacturing activity picked up pace to a three-month high in October, a private survey showed on Thursday. The closely-watched HSBC’s China flash Purchasing Managers’ Index (PMI) inched up to 50.4 from a final reading of 50.2 in September, beating the consensus forecast for 50.3 and staying above the 50 mark which separates expansion from contraction.
The Australian dollar was little changed against the greenback on the news, and both the Shanghai Composite and Hang Seng indices remained in the red.
“The headline number has gone up, above consensus so we could probably be reasonably cautious about the economy and be okay with the idea that the economy is stabilizing,” Jonathan Garner, emerging market equity strategist at Morgan Stanley told CNBC.
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