China was again the epicenter of disappointment as its official measure of manufacturing fell to the lowest since mid-2012, but the weakness also encompassed such bellwethers of high-tech trade as South Korea and Taiwan. The data are a taster for European and United States surveys later in the day, with growth in manufacturing activity likely static in the euro zone and contracting across the Atlantic. “One risk is that developed world businesses pull back in the face of rising currencies, weak productivity, and sub-par emerging market demand.