China Services PMI falls to 52.32 in March

China Services PMI falls to 52.32 in March

China's services sector grew at its slowest rate in four months in March, according to the Caixin China General Services Business Activity Index, hampered by slower new business growth and weaker business sentiment.

The Purchasing Managers' Index came in at 55.1 in the month, above the 50 point that separates contraction from expansion and up slightly from the 55 reading registered in February. According to a Purchasing Managers' Index published last week, manufacturing growth in the euro zone dropped to its lowest since July a year ago although it remained higher than that of the UK.

Chinese manufacturing activity slowed in March as weak demand weighed on the world's second largest economy, independent data showed on Monday (Apr 2).

Sterling and British government bonds were little moved by the figures.

With just a year to go until Brexit, UK manufacturing growth cooled in the first quarter of 2017.

More news: Last eastern Ghouta rebels poised to surrender: Syrian state media

"The outlook for manufacturing looks decent on the foreign demand side, but domestic conditions could prove challenging over the coming months", Archer said.

The pound has gained more than 4pc against the U.S. dollar since the end of 2017.

Tuesday's PMI showed growth in cost pressures for factories and their selling prices cooled in March, something that may reassure Bank of England officials who are keeping an eye on inflation pressures.

Commenting on the PMI data, Aashna Dodhia, Economist at IHS Markit and the author of the report, said: "India's manufacturing sector continued to grow, albeit at the weakest pace since October, reflecting weaker gains in new business and a decline in employment for the first time in eight months".

PMIs covering the construction and services sectors are due on Wednesday and Thursday.

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