China PMI...

....at 50.9 from 52 in May, vs consensus 51.5. This is a 28-Mo low, but still above exp/contraction 50 mark. The new orders component fell further to 50.8 from 52.1 in May while finished goods inventory rebounded to 51.0 from 50.0. The parting of ways of these two components suggests the official PMI could fall again in July