China PMI Hits Weakest in More Than Two Years

Good morning. A gauge of Chinese manufacturers unexpectedly tumbles. The UK and US will talk trade in Paris. And Saudi Arabia’s hurdles are reshaping the Middle East’s financial order. Listen to the day’s top stories.

China’s Caixin purchasing manager’s index unexpectedly fell in May to 48.3, as US tariffs took a toll on smaller exporters. The gauge indicates contraction ahead, and had been expected to improve, not worsen.