Hang Seng Index Dip Deepens After Hong Kong PMI Data

        0302 GMT [Dow Jones] Hong Kong shares extend declines Wednesday morning as fresh signs emerge that a slowdown in mainland China is hurting the city's economy. HSBC's Hong Kong PMI reading falls to 49.7 in April, following a sharp decline in March. "New orders from Mainland China were particularly weak, and suggests the slowdown is already feeding through," says HSBC. It's the latest in a string of dismal PMI reads today, following service sector prints from China and Japan. The Hang Seng Index, which had staged a tentative recovery after the release of Chinese service sector data, is down 1% to 21,757.00. China's PMI data was in line with forecasts, "but the outlook remains weak; not really surprising considering the global outlook," says Kim Eng. gregor.hunter@wsj.com; Twitter: @gregorhunter)
        (END) Dow Jones Newswires

        May 06, 2014 23:02 ET (03:02 GMT)