Bankinter | The Composite PMI remains in the economic expansion zone after rising to 51.4 points in March (versus 51.1 previously). The Manufacturing PMI rises to 50.5 points (versus 50.4 expected against 50.2 previously) with the Services PMI at 50.8 (versus 50.6 expected against 50.4 previously).
Bankinter analysis team”s view: This is good news, but with limited impact. The figures do not yet reflect the impact of the new tariffs imposed by the US administration, nor the expected deterioration in international trade. In this environment, the Chinese executive is committed to implementing fiscal stimuli, injecting capital into the banks to expand credit and spending by local administrations.
