HONG KONG: Factory activity in China showed a slight, surprising recovery last month, in a sign that stimulus injected into Asia's growth engine ...
HONG KONG: Factory activity in China showed a slight, surprising recovery last month, in a sign that stimulus injected into Asia's growth engine may be yielding results, but worries of a global slowdown persisted due to weakness elsewhere in the region.
The weak external environment is feeding back into the U.S. economy, prompting the Federal Reserve to abruptly end its policy tightening last month and causing the Treasury yield curve to briefly invert last week - a potential signal of a looming recession. China's Caixin/Markit Manufacturing Purchasing Managers' Index expanded at the strongest pace in eight months in March, rising to 50.8 from 49.9 in February, above the 50-mark dividing expansion from contraction and the highest level since July 2018.Economists also cautioned there were seasonal factors in play, with activity in March traditionally picking up markedly whenever the Chinese Lunar New Year holidays fell in February, as they did this year.
"We believe policymakers will stick to their commitment on policy easing to stabilize growth," the BofA Merrill Lynch analysts said in a note to clients.Chinese Premier Li Keqiang said last month the government has additional monetary policy measures that it can take, and will even cut"its own flesh" to help finance large-scale tax cuts.
Corporate spending in Asia is likely to fall for the first time in three years, with capital expenditure at 2,137 Asian companies seen slipping an average 4 percent this year, a Reuters analysis of Refinitiv data showed.
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