Today was published statistics on China's manufacturing PMI, which fell to 50.3 that is 0.2 worse than the previous figure. It should be noted that the figure, which is calculated by HSBC showed that the indicator remained at 50.0. Value of the index less than 50.0 indicates a slowdown in the sector. The drop in production in November, was partly explained by holding of the APEC summit in Beijing, during which have been stopped a number of industries in Beijing and surrounding areas. The news increase the likelihood of new measures by the Chinese government to stimulate the economy. We maintain our medium-term negative outlook on the Chinese stock market.