Morning Bid: China's positive PMIs set bullish tone
© Reuters. FILE PHOTO: People cross a street near office towers in the Lujiazui financial district, ahead of the National People's Congress , in Shanghai, China, February 28, 2023. REUTERS/Aly Song/File PhotoAsian markets are primed for a positive start to the new quarter following more evidence of the U.S."soft landing" on Friday and figures on Sunday that showed manufacturing and service sector activity in China last month accelerated in tandem.
The exchange rates of Asia's two largest economies will once again be under the spotlight - Japan's yen remains in"intervention" territory, and whileThe yuan last week slipped in spot trading to its weakest level this year around 7.22 per dollar but the People's Bank of China has kept the daily fixing rate virtually unchanged around 7.0950 for the past four days.
The manufacturing PMI rose to 50.8 from 49.1 a month earlier and export orders also picked up. The official services PMI rose to its highest since June and the composite PMI its highest since April — numbers that could give Chinese and global markets a lift on Monday.Investors will also be looking to see whether Japan's first quarter tankan business conditions surveys shows evidence of economic momentum and recovery in domestic demand.
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