China: Caixin services PMI surged to 54.4 in March - TDS

Analysts at TD Securities note that China's Caixin services PMI surged to 54.4 (prior 51.1) in March, which is its highest mark in 14 months.

Key Quotes

“The average of the four PMIs (official, Caixin, manuf. and non-manuf.) for March has seen a decent improvement from 51.3 in October 2017 to 52.6 now (the highest since Jun 2018).”

“On our tracking, it is looking likely that Q1 GDP remains at 6.4% rather than step down further (further analysis to be published ahead of the Q1 GDP report released Apr 17). The early consensus for Q1 GDP is 6.3%.”