China's Oct PMI up but no signs of Q4 turnaround

Beijing

CHINA's vast factory sector grew a shade faster in October as firms drew more foreign and domestic orders, a private survey showed on Thursday, though analysts said the figure does not point to a fourth-quarter turnaround for the cooling economy.

The flash HSBC/Markit manufacturing purchasing managers' index (PMI) edged up to a three-month high of 50.4 from a final reading of 50.2 in September, and just a hair's breadth from the 50.3 reading forecast by analysts.

However, while the headline number looked slightly better, manufacturing activity remained subdued and details pointed to continued weak…