These are the PMIs from the National Bureau of Statistics, for March 2019.

Manufacturing 50.5 for a beat, jumps to expansion for the first time in four months:

  • expected 49.6, prior 49.2

Non-Manufacturing a beat at 54.8 (the services PMI hit media a little earlier than scheduled):

  • expected 54.0, prior 54.3

Composite 54.0, much improved from the

  • prior of 52.4

March is impacted by seasonal factors, the lunar new year holidays impacted in January and February and did so again this month as activity ramped up after the break. Nevertheless, the better headlines will act as a positive input for China-proxy trades come market reopening Monday. The readings suggest stimulus measures in China having an impact.

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For background to this:

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Still to come, due at 0145GMT on 1 April, the privately surveyed manufacturing PMI (Caixin) from China for March

  • expected 50.0, prior 49.9

Caixin services and composite PMIs follow mid-week.