Some snippets from the Chinese Caixin PMI.....>

CHINA: Some snippets from the Chinese Caixin PMI release:

- "Falling overseas demand dragged on the services sector. The gauge for total

new business remained in contractionary

territory but improved somewhat from the previous month. The measure for new

export business dropped to the second lowest level since the data series began

in September 2014, just above the February reading. The gauge for outstanding

business fell further into negative territory, reflecting sluggish demand."

- "Employment in the services sector contracted at the fastest pace on record."

Service providers' business confidence recovered markedly. The fall in prices

that companies charged customers slowed down, and input costs rose at a slower

clip amid shrinking employment and falling oil prices. This helped ease pressure

on company profits."

- "The second shockwave for China's economy brought about by shrinking overseas

demand should not be underestimated in the second quarter."

- "In April, the severe export shock on China's economy had a knock-on impact on

household income and consumption, as well as business investment."