Rapid Chinese activity creates sentiment | – #Rapid #Chinese #activity #creates #sentiment

From Ankur Banerjee Europe and an outlook on the day ahead in global markets

After an early start to the month, Asian markets were jolted by China’s February manufacturing activity, which expanded at its fastest pace in more than a decade, and buoyant sentiment Europe there is a possibility that it will pass to the markets.

Before the MSCI Asia ex-Japan index rose 1.4% of the day earlier, it was near a two-month low and headed for its best day in nearly two months after China’s manufacturing purchasing managers’ index rose to 52.6 for February. , up from 50.1 in January.

Data from China was an exception for the region, where factory activity otherwise stalled in February, however USA With the Federal Reserve likely to remain hawkish for longer, investors are hopeful of a recovery in the world’s second-largest economy.

Meanwhile, Australia’s economy grew at its weakest pace in a year last quarter, as strength in trade weighed on rising interest rates and high inflation with compensation was done.

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Monday France and data from Spain highlighted the sticky nature of inflation weighing on the continent-wide STOXX 600 index. The index was one of the few to post modest gains for the month of February. And after a euphoric January, traders may be wondering what’s next. March Madness, perhaps?

March is next to us at the same time central bank meetings, investors expect the ECB to raise interest rates by 50 basis points to the benchmark rate of 3%. central bank should hold a meeting on March 16.

But before that, investors of the day at the end of the Eurozone, Germany and France will analyze a range of economic data, including S&P global manufacturing PMIs.

Reuters graphics

Key developments that could affect the markets on Wednesday:

Economic Events: Home in Great Britain pricesSpain, FranceS&P Global manufacturing PMI for Germany and Eurozone

Speakers: BOE’s Andrew Bailey, Bank of Italy Governor Ignazio Visco

Reporting by Ankur Banerjee; Edited by Edmund Klamann

Our standards: Thomson Reuters Trust Principles.

2023-03-01 10:06:35
Source – reuters

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