China’s factory activity picks up

Official data shows that factory activity in China picked up in March, as the country’s economic recovery broadened after the Lunar New Year holiday. According to the National Bureau of Statistics the PMI, a key gauge of manufacturing activity, grew more than expected to 51.9 — from 50.6 in February, with production accelerating after the holiday slump and major economies abroad also recovering from coronavirus slowdowns. Non-manufacturing PMI made a significant rebound to 56.3, higher than the Bloomberg forecast of 52 and pointing to better performance in industries like construction and higher expectations for hard-hit service sectors.