China bears had cause to roar again on Wednesday after the HSBC flash China Purchasing Managers Index, an initial gauge of manufacturing activity, slipped to 47.7 in July, an 11-month low. A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction. The final HSBC PMI reading came in a 48.2 in June. Analysts weigh in:

The flash July manufacturing PMI continues to highlight the sluggish environment for the manufacturing sector…While the continuous slowdown in the economy...