News Summary: China factory index falls in January

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News,Business

SURVEY SAYS: Chinese manufacturing looks set to contract in January for the first time in six months, further evidence of a slowdown that complicates reform efforts in the world's No. 2 economy.

THE NUMBERS: The preliminary version of HSBC's purchasing managers' index dipped to 49.6 this month from December's 50.5 reading. It's the lowest reading since July's 47.7. The index is based on a 100-point scale on which numbers above 50 indicate expansion.

LOSING STEAM: The report adds to recent signs that China's economy is decelerating, adding to pressure on its communist leaders who want to bring in sweeping reforms while keeping growth ticking along.

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