The HSBC China Manufacturing PMI compiled by Markit was 49.7, down a tick from the flash reading of 49.8. The Chinese stock market did not react well, Shanghai down -2.6%. Europe faired a bit better with the FTSE up +0.2% and the DAX up +0.5%. Although the PMIs in China and the U.S. were weaker than expected, European PMIs appear to have strengthened a bit. This is likely a result of the weakening in the EUR vs the USD and JPY. All the Global PMIs add up on a GDP percentage weighted basis to 52.0 which is up slightly from December's 51.8.