China's manufacturing PMI's came in short of expectations China's manufacturing PMI's came in short of expectations. The HSBC/Markit PMI slipped to a final 49.4 in June from the preliminary or flash 49.6 reading, but did manage to top the 49.2 seen in May. The official manufacturing PMI fell to 50.1 in June from 50.9 in May. The contractionary reading for the HSBC/Markit PMI and the erosion in the official PMI highlight the ongoing difficulties in China's economy.
U.S. Auto Sales Preview U.S. Auto Sales Preview: Auto dealers will release their June results on Wednesday and analysts expect to see a 2.3% decline to a 17.3 M pace from the 7.6% jump to a 17.7 M pace in May. The slow down in auto sales at the beginning of the year has largely been attributed to poor weather with the ensuing rebound helped along by the decline in gasoline prices.