France Apr Markit Services PMI improves to 44.1 vs 41.3 in Mar

Equity indexes in Asia had a risk-off day, with Mainland China’s Shanghai Composite (-2.60%) being hit the hardest after disappointing HSBC flash manufacturing PMI at 50.5 (mkt 51.5). “This downside miss gives credence to PBoC Governor Zhou weekend remarks about China is now aiming for "lower, sustainable growth". Consensus and the major institutions such as IMF still expect 8+% GDP growth this year, so there’s more work to do to lower expectations. TD at 7¾%”, wrote TD Securities analysts.