Wall Street indices higher on China data
A sharp rebound in China’s PMI data for March has given risk appetite a jolt in early trading in Asia as growth fears are partly allayed.
US30USD Daily Chart
The US30 index looks set for a third straight day of gains as the rebound in the China PMIs builds hopes for the outlook for the Chinese economy, and hence global growth
The index looks set to test last month’s high, with the 2019 high above at 26,041
Tonight we will see if the US manufacturing PMI sees a similar rebound. It’s expected to come in at 54.5 from 54.2 in February.
DE30EUR Daily Chart
The Germany30 index looks set for a sixth daily advance in a row today after the China data buoys sentiment. The index had its best week in six weeks last week
The index is heading toward 200-day moving average resistance at 11,722. That average has capped prices on a closing basis since July 31
Both German and Euro-zone Markit manufacturing PMIs are not expected to differ from the flash readings of 44.7 and 47.6, respectively.
CN50USD Daily Chart
After posting the biggest daily gain in almost a month on Friday, the China50 index could advance further today after the rebound in the PMI numbers
Prices touched a three-week high on Friday and could test the March 4 high of 13,312, which in turn was the highest since March 22, 2018
Data released Sunday showed the manufacturing PMI hitting 50.5, the first time it crossed above the 50 contraction/expansion threshold in five months. The non-manufacturing PMI rebounded to 54.8 from 54.3.
