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HSBC China Services PMI slightly up in March

Friday, Apr 03 2015
HSBC China Services Business Activity Index posted 52.3 in March, up from 52.0 in the previous month. However, service sector activity growth remained modest overall, and well below the long-run trend. Chinese manufacturers and service providers both managed only modest increases in output at the end of the first quarter. Data suggests that relatively weak client demand had dampened growth across both sectors, with new orders expanding at the slowest rate in eight months at service providers while falling at manufacturers. 
 
As a result, service sector companies took a more cautious approach to hiring, raising their staff numbers only slightly over the month, while job shedding accelerated across the manufacturing sector. Meanwhile, deflationary pressures appeared to ease slightly in March, with composite input and output prices both declining at slower rates.
 
Data did not have any major impact on the markets with Aussie stable around 0.76 handle. Pair is likely to finds support around 0.7550 area and resistance above 0.7650 level. Later today, in the US session NFP figures are scheduled for a release.
Last modified on Friday, 03 April 2015
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