© Khunaspix Dreamstime.

At the moment, with economies around the world stuck in the doldrums, good news comes in tiny packages. Half a percentage point here, a fraction there. Well HSBC’s latest PMI Index for China shows that the contraction in the Chinese manufacturing industry is easing. The HSBC index, which focuses on the private and export sectors, is always more depressing than the big state-owned emphasis of the other index from the Federation of Logistics and Purchasing, which has also seen a rise.