Stocks in Shenzhen surged during Thursday trade after a series of data released on Sunday and Monday showed Chinese economic activity improved unexpectedly in March.
Stocks in Shenzhen surged during Thursday trade after a series of data released on Sunday and Monday showed Chinese economic activity bouncing unexpectedly in March.
The moves came after both the private Caixin/Markit Manufacturing Purchasing Managers' Index and the official Purchasing Managers' Index for March expanded unexpectedly, surprising analysts. That came on the back of Sunday's release of the official PMI in China, which rose to 50.5 in March from February's three-year low of 49.2. It marked the first expansion in four months, according to data released by China's National Bureau of Statistics.
In particular, they said, the"larger-than-expected tax/fee cuts and improving financial conditions" likely provided a boost to business sentiment in the country's manufacturing space. Furthermore, demand for industrial restocking could also have risen as commodity and raw material prices experienced a rebound.
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