China factory activity unexpectedly weakens for a second straight month

China's factory activity shrank for a second straight month in November, signaling that the world's second-largest economy is not yet out of the woods and may require more muscular policy support.

The official manufacturing purchasing managers' index fell slightly to 49.4 in November from 49.5 in October, according to data from the National Bureau of Statistics released Thursday. This was slightly worse than the median forecast for 49.7 in a Reuters poll.

A PMI reading above 50 indicates expansion in activity, while a reading below that level points to a contraction.

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