Good morning! Here's what you need to know: Improvement In China: Overnight, we learned China's HSBC manufacturing PMI climbed to a four-month high of 49.7 in May from 48.1 in April.The final PMI reading for May confirmed that the economy is stabilizing, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector," said HSBC's Hongbin Qu.