as is the Chinese PMI which is up..
The HSBC flash China manufacturing purchasing managers' index (PMI) rose to a five-month high of 49.7 in May, from 48.1 in April.
http://www.theaustralian.com.au/business/latest/hsbc-china-manufacturing-pmi-hits-five-month-high/story-e6frg90f-1226926803316
bhp sp and io, page-3
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