China Manufacturing Gauge Declines in Growth Headwind

A Chinese manufacturing gauge declined for the first time in four months, adding headwinds to a recovery in the world’s second-largest economy as leaders start to implement the broadest policy reforms since the 1990s.

The preliminary 50.4 reading for the November Purchasing Managers’ Index released today by HSBC Holdings Plc and Markit Economics compared with a 50.8 median estimate from analysts surveyed by Bloomberg News. The final number for October was