China’s manufacturing is contracting in May for the first time in seven months, adding to signs that economic growth is losing steam for a second quarter. The preliminary reading of 49.6 for a Purchasing Managers’ Index (SHCOMP) released today by HSBC Holdings Plc and Markit Economics compares with a final 50.4 for April. The number was also below the 50.4 median estimate in a Bloomberg News survey of 13 analysts. A reading above 50 indicates expansion. Asian stocks extended losses after the data, which may test the new government’s commitment to tolerate slower growth after Premier Li Keqiang last week signaled ... (full story)