China's tepid PMI prints suggest weak growth momentum in Q4

Performance of China was disappointing, November official NBS manufacturing PMI dropped to 49.6, led by decline in new orders, falling in into the contraction zone this month and also a fall in production sub-index.

Small and medium enterprises fared low, on firm size basis. The November Markit PMI inched up slightly higher to 48.6, but still remained in the contraction zone for 9th straight month.

"On balance, the tepid PMI prints from China suggest that growth momentum in Q4 is likely to remain weak", says Barclays in a research note.