Rolling coverage of the latest economic and financial news, as China’s economic activity surprisingly returns to growth
- Introduction: Chinese PMIs show economy strengthening
- Composite PMI surged to 53, from 28.9
- Coronavirus – latest updates
- See all our coronavirus coverage
Crude oil prices are rallying this morning, after Donald Trump and Vladimir Putin discussed the energy market.
The US and Russian leaders held a call yesterday, which covered the oil price war triggered by Saudi Arabia this month, along with other issues (presumably Covid-19 came up?)
“President Trump and President Putin agreed on the importance of stability in global energy markets.”
The leaders also discussed critical bilateral and global issues,”
The jump in China’s PMI survey is an encouraging sign, say economists and analysts - but it certainly doesn’t mean the crisis is over.
Here’s some early reaction:
Remarkable rebound in China manufacturing PMI albeit hard data will be the focal point pic.twitter.com/ZqNWSKNPnX
It would be brave to say #China has achieved the V-shaped economic recovery off the back of a rebound in the March #PMI, but it is an encouraging sign. Unfortunately, its probably not a template for the rest of the world. #coronavirus https://t.co/tIJws7d4ZF pic.twitter.com/VxhZiXvok4
Encouraging to see China PMI improves big times in March with manufacturing going above 50.
Though, too early and wrong to consider this a V-shape recovery as it's a m-o-m indicator, ie. telling conditions improved over the horrible Feb, doesnt tell if back to business as usual. pic.twitter.com/AVn3mkGJ42
China: Official PMI indicates expansion, but this merely shows recovery after the historical decline in Feb, while the economy remains vulnerable. Export order indices remained in the contraction zone. pic.twitter.com/Uqk8xAIQK4
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