China: PMI indicates momentum change – ANZ

According to analysts at ANZ, the jump in China’s manufacturing PMI for March indicates a sharp rebound in industrial production.

Key Quotes

“Non-manufacturing PMI remains strong, supported by construction activity, indicating that the government’s infrastructure investments have begun to kick in.”

“March’s PMI data suggest that the cyclical downturn in China’s GDP growth may have found a bottom in Q1, registering 6.4% y/y, according to our forecasts.”