With Steel output down 3.4% YoY (worst in over 2 years) and Cement output down 4% YoY (worst in 7 years) it should not be entirely surprising that the Final December HSBC Manufacturing PMI for China slumped to a contraction-implied 49.6 (a small blip up from the 49.5 preliminary print) and down from 50.0 in the previous month. This is the first contraction since April 2014 after the credit-impulse of Q2 comes back to bit in the hangover.