China PMI boosts sentiment, but commodity imports may have front-run: Russell [Reuters]
SINGAPORE EXCH UNSP/ADR (SPXCY)
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Source: Reuters
sparked optimism that commodity demand from the world's biggest buyer of natural resources is poised to accelerate. The official purchasing managers' index (PMI) rose to 50.8 in March from 49.1 in February, rising above the 50-level that separates growth from contraction, and hitting the highest mark since March 2023. The data, released on March 31, also exceeded the median forecast of 49.9 in a Reuters poll, providing an upside surprise that further boosted positive sentiment for the world's second-largest economy. Manufacturing is a key segment of China's economy and a major demand centre for metals such as copper and steel, as well as energy required to make goods. The PMI added to other recent data that suggest China's economy is gaining some momentum after struggling for growth in 2023. Retail sales and factory output beat expectations in the January-February period, rising 5.5% and 7.0% respectively, while exports gained 7.1% in the first two months of the year from th
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