CHINA'S HSBC PMI HITS 7-MONTH HIGH

China's HSBC manufacturing PMI climbed to 50.9 in October from 50.2 in September.

This was a bit higher than the 50.7 expected by economists.

Here are the key points from Markit:

• Output growth picks up to six-month high
• Both new orders and new export orders increase at
  faster rates
• Fastest accumulation of work-in-hand since March 2011

From HSBC's Hongbin Qu:

The final HSBC China Manufacturing PMI rose to a seven-month high in October, with the stronger momentum of manufacturing growth translating into the first expansion of employment sinc5e0March. This in turn should support private consumption growth in the coming months. China is on track for a gradual growth recovery.

Earlier today, we learned that the official PMI number beat expectations, jumping to 51.4.