(Reuters) – China’s official purchasing managers’ index (PMI) unexpectedly jumped in March t o an 11-month highs of 53.1, the government said on Sunday, as surprisingly firm demand boosted new orders and new export orders for factories.
Analysts had forecast the PMI, which previews China’s vast factory sector before official industrial production data, to dip at 50.5.
The new orders sub-index climbed to 55.1 in March from February’s 51 points, the National Bureau of Statistics said, while the sub-index for new export orders was up at 51.9, compared with February’s 51.1.
The latest PMI reading suggests Chinese factories are not struggling as much as some reports indicated. HSBC’s Flash PMI released last week had shown factory activity slowing for the fifth straight month in March as new orders sunk to four-month lows.
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Ooops. Rally time.
Hopefully that translates into a strong rally on Monday!
China factory output falls for fifth month: HSBC PMI
http://ca.news.yahoo.com/china-factory-output-falls-fifth-month-hsbc-pmi-024114859.html
Which one of these reports is correct?
HSBC said on Sunday its final Purchasing Managers’ Index (PMI) fell to 48.3 in March from 49.6 in February, and largely in line with HSBC’s Flash PMI reading of 48.1 for March.
Sooo, to clarify, the sub-50 reading is the correct one?
I have no fucking idea!
OK well this is looking positive.
http://www.reuters.com/article/2012/04/01/us-markets-forex-idUSBRE82P00820120401