March PMI figures came in at their highest levels since 2012, beating economists predictions and sparking a rally in Asian markets.Global markets are rallying after Chinese industrial data smashed predictions to paint a rosier than expected picture of the world economy.
The Caixin/Markit Manufacturing Purchasing Managers' Index and China's official Purchasing Managers' Index both grew, with the latter rising to 50.5 up from 49.2 previously, its best performance since 2012,to Bloomberg. The Caixin China PMI rebounded to 50.8 in March after recording below 50 for the past three months, according to Oxford Economics.
Equities have been boosted by expectations that central banks will look to provide accommodative monetary policy. Although China's figures look positive, the lagging demand out of the country will continue to weigh on the rest of the region in the near term, Oxford Economics said. US-China trade war talks resume this week with Vice Premier Liu He leading a delegation to Washington following negotiations in Beijing.Figures in China weren't matched in Europe. PMI data indicating a grim future with factories showing their worst numbers for six years.
IHS Markit's March final manufacturing Purchasing Managers' Index fell to 47.5, an eighth month of consecutively lower figures, after February's 49.3, and the lowest level since April 2013,
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