China June factory activity shrinks at slower pace, but job cuts mount: HSBC/Markit PMI

China’s factory activity contracted for the fourth straight month in June but at a slower pace than in May, a private survey showed on Wednesday, offering signs that the economy may be slowly leveling out but is still in need of more support measures. The HSBC/Markit Flash China Manufacturing Purchasing Managers’ Index (PMI) edged up to 49.4 from 49.2 in May, but it was below a preliminary reading of 49.6, and remained under the 50 mark which separates contraction from expansion. “The fina