China Factory Activity Stabilizes: Caixin
The Caixin China General Manufacturing PMI jumped to 50.1 in March 2020 from a record low of 40.3 in February, easily beating market consensus of 45.5. Output rose slightly as more firms reopened following widespread shutdowns and travel restrictions in February amid the COVID-19. outbreak. Also, buuying activity went up, amid reports of material shortages and greater reliance on current inventories. Meanwhile, demand remained fragile, with new orders falling for the second straight month and export sales shrinking sharply. Employment, meantime, fell further, while capacity pressures persisted. The rate of backlog accumulation was sharp, despite softening from the previous month. Supply chains remained under pressure, lengthening at the second-quickest rate in just over 12 years. Prices data showed input costs fell for the first time since August last year, with firms cutting their selling prices. Finally, sentiment held close to February's five-year high