China's Industrial Growth Slows More Than Expected As Major Banks See Increase In Defaults

China's manufacturing sector grew more slowly in October, the latest indication that the country's economy is cooling. The official Purchasing Manager's Index (PMI) reading for China released Friday was 50.8, down from 51.1 in September. Any reading above 50 indicated growth, but economists had expected the figure to be slightly higher than the previous month's. Analysts polled by Thomson Reuters had predicted a reading of 51.2.