China PMI reports much better than expected.

China PMI reports much better than expected. Official data showed the manufacturing PMI rising to 52.6 from 50.1, while the non-manufacturing report jumped to 56.3 from 54.4. The Caixin manufacturing PMI for China meanwhile lifted to 51.6 from 49.2 in January. A very strong data round that bolsters confidence China's economy and supports hopes that activity will bounce back strongly following the lifting of Covid restrictions. The Caixin report flagged that production volumes increased in February - for the first time since August last year. Similarly, total new business expanded for the first time in seven month and at the quickest rate since May 2021. Empployment picked up, which also reflects strengthened confidence in the recovery. Inflationary pressures remained relatively muted, but selling prices were lifted for the first time in ten months and are likely to pick up pace as demand strengthens.