An official report from the government showed that the country’s PMI index climbed from 51 in February to 53.1 last month, hitting an 11 month high.
The data was in contrast to HSBC’s China PMI index for March, which came in at 48.1, adding to concerns that growth in the world’s second largest economy is slowing faster than expected.
“Whilst this is at odds with the unofficial HSBC PMI, which was released last week, it is likely to temporarily ease China growth concerns,” said research analyst at IG Markets Stan Shamu.
Traders are now looking to the Institute of Supply Management’s (ISM) manufacturing index for March. Analysts polled by Bloomberg expected to see an increase to 53 from 52.4 in the previous month. Read Chinese manufacturing surveys for March 2012
Today’s macroeconomic calendar will also include an update on the euro zone’s unemployment rate and UK manufacturing data for March.
Asian stocks were headed in different directions today. Japan’s benchmark Nikkei 225 index climbed 45 points (0.45 percent) to 10,128 and Hong Kong’s Hang Seng dropped 65 points (0.3 percent) to 20,490.
Chinese markets were closed for a public holiday today.
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