As a reminder, the official Chinese Nov.......>

CHINA: As a reminder, the official Chinese Nov Manufacturing PMI reading saw the

headline print at 50.2 over the weekend, this was the first expansionary reading

since April, which is helping the broader risk friendly appetite observed during

early trade this week.

- But it is worth drilling down into the details:

- Output prices experienced a deeper rate of contraction in Nov vs. Oct, while

input prices moved into contractionary territory, printing below the 50.0 mark

for the first time since August. The underscores the deflationary risks inherent

in the manufacturing sector at present.

- New export orders printed at 48.8, which was still a contractionary reading,

albeit not as steep as October's 47.0.

- Employment saw a steady rate of contraction (47.3)

- The bounce in production, imports & total new orders seemingly drove the

headline higher.