China stock-index futures fell before tomorrow��s release of a preliminary manufacturing index.
Futures on the CSI 300 Index expiring in June, the most active contract, slipped 0.3 percent to 2,093.80 as of 9:19 a.m. China Petroleum and Chemical Corp. may move after the Shanghai Securities News reported the company may introduce private investment into its shale gas business.
The Shanghai Composite Index rose 0.2 percent to 2,008.12 yesterday. The ChiNext surged 1.3 percent amid easing concern that new share sales will divert funds after the government announced fewer initial public offerings than some analysts had estimated. The CSI 300 Index was little changed, while the Hang Seng China Enterprises Index fell 0.3 percent.
HSBC Holdings Plc and Markit Economics are scheduled to release a preliminary reading of China��s manufacturing index for May, known as the flash PMI, at 9:45 a.m. tomorrow. The gauge probably rose to 48.3 from the final reading of 48.1 a month earlier, according to the median estimate of Bloomberg surveys. A reading below 50 indicates contraction.
The Shanghai measure has lost 5.1 percent this year on speculation slowing economic growth will curb earnings and a flood of IPOs would divert funds. Industrial-output and investment growth unexpectedly decelerated last month, while new building construction fell 22 percent in the first four months of the year. New-home prices rose in April in the fewest cities in a year and a half as developers offered discounts.
Source : Bloomberg