A Chinese manufacturing gauge signaled a fourth month of contraction, indicating that government efforts to counter an economic slowdown have had only a limited impact. The preliminary Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was 48.3 in April, matching the median estimate of analysts surveyed by Bloomberg News. While that was higher than the final March figure of 48, the reading remains below the level of 50 that is the dividing line between expansion and contraction. Sustained weakness in manufacturing would pressure Premier Li Keqiang to expand efforts to support growth beyond what ... (full story)