China's manufacturing sector cooled further in July, even (shrinking) by one measure, but markets took the news as a (sign) of a desired slowdown rather than a harbinger of a slump that could derail (global) recovery.
Manufacturing surveys from other big emerging economies India and Russia, also served to (bolster) investor sentiment, with Asia's third-largest economy marking its 16th month of (expansion) and Russia's activity improving for the seventh month in a row.
HSBC survey of Chinese companies showed on Monday that manufacturing activity (fell) for the first time since the depths of the global (downturn) in March 2009, while a similar government survey published on Sunday showed a marked dip in growth.