China PMIs, these the official survey ones from the NBS:
- Manufacturing 50.8 vs. expected 51.0% m/m, prior 52.0%
- Non-manufacturing 53.2 vs. expected 52.5% y/y, prior 52.3%
- Composite 53.4 vs. prior 53.0
The services improvement is particularly encouraging - factory reopening seems to have proceeded more smoothly than the recovery of the consumer, services higher is a sign the gap may be closing.
more to come