China’s official factory and services gauges pulled back from multi-year highs, dimming the outlook for the sustainability of the past two quarters’ acceleration in economic growth. Key Points Manufacturing purchasing managers index fell to 51.2 in April from an almost five-year high of 51.8 in March, missing the median estimate of 51.7 in a Bloomberg survey and falling short of all projections Non-manufacturing PMI dropped to a six-month low of 54 from 55.1 last month Gauges still show momentum, as numbers higher than 50 indicate improving conditions Big Picture The first official economic indicator for the second ... (full story)