China non-manufacturing PMI from HSBC for March

HSBC China Composite PMI, 51.8

  • prior was 51.8
  • Unchanged from the previous month's 5-month high

0145GMT HSBC China Services PMI, 52.3

  • prior was 52.0
  • 3rd consecutive month of rises

Annabel Fiddes, Economist at Markit:

  • "Chinese manufacturers and service providers both managed only modest increases in output at the end of the first quarter.
  • Data suggests that relatively weak client demand had dampened growth across both sectors, with new orders expanding at the slowest rate in eight months at service providers while falling at manufacturers.
  • As a result, service sector companies took a more cautious approach to hiring, raising their staff numbers only slightly over the month, while job shedding accelerated across the manufacturing sector.
  • Meanwhile, deflationary pressures appeared to ease slightly in March, with composite input and output prices both declining at slower rates."