China's factory activity shrank for a third straight month in July to its lowest level in nearly a year as new orders fell, a private survey showed on Thursday, signalling the persistent pressure on the economy has extended into the third quarter. The HSBC Purchasing Managers' Index (PMI), compiled by Markit Economics Research, fell to 47.7 in July from June's 48.2. It was the weakest reading since August 2012, and matched a preliminary figure published last week. "With weak demand from both domestic and external markets, the cooling manufacturing sector continued to weigh on employment," said Hongbin Qu, China ... (full story)