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Markets fall on weak Chinese manufacturing data. China’s factory activity shrank for 1st time in 7-months in May as new orders fell, reports a preliminary survey. HSBC flash manufacturing PMI fell to 49.6 in May (expectation of 50.4), vs. 50.4 in April. As a result, 2Q13 industrial activities will likely remain sluggish, but recovery in 2H13 is still quite possible. Meanwhile, LME copper fell ~3% on 5/23 and Nikkei Stock Average plunged ~7% d/d, worst decline since March’11 after the tsunami, on poor China factory data. (Reuters, WSJ)

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