Is China Manufacturing Undue Pessimism?

Another day of poor Chinese data, another investor selloff.

Hong Kong’s benchmark Hang Seng Index fell 2.3% Wednesday after a preliminary survey of Chinese manufacturing fell to its lowest level in 6½ years. Caixin’s purchasing manager index for manufacturing for September, one of the earliest reads on monthly activity, clocked in at 47, suggesting a contraction.

More from the WSJ.