South Africa's HSBC PMI falls to 49.4 in April

JOHANNESBURG (Reuters) - South Africa's seasonally adjusted HSBC Purchasing Managers' Index fell further in April, dipping into contraction territory as companies felt the pinch of mining strikes-related disruptions to business activity. PMI in April fell to a 10-month low of 49.4, from 50.2 in March. "The protracted strike in the platinum sector remains a key factor behind weak activity levels, yet the PMI data indicate a broader and underlying fragility to South Africa’s private sector," said David Faulkner, an economist at HSBC. The Association of Mineworkers and Construction Union (AMCU) has downed tools since January at the South African mines of Anglo American Platinum, Lonmin and Impala Platinum. Private sector firms also mentioned the May 7 elections in as a factor that weighed on demand.