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In March, activity in China's services sector rallied to a 14-month maximum because demand improved abroad and at home, a private business poll revealed on Wednesday, thus contributing to signs that government stimulus measures are gradually coming into effect.
However, experts cautioned that it’s too early to ascertain if the Chinese economy has turned the corner, with numerous companies cautious on whether there’ll be much improvement in 2019 or not.
Eventually, the Caixin/Markit services purchasing managers' index ascended to 54.4 that appears to be the highest value since January 2018 and also up from February's reading of 51.1. By the way, the 50-mark that separates contraction from ascend.
Survey respondents told that activity was being backed by firmer demand, fresh state policies as well as improved access to financing.
The findings turned out to be mostly in line with those of an official indicator on the non-manufacturing sector published on Sunday that revealed services activity tacked on in March because new orders rallied more rapidly. In particular, construction demonstrated strength, probably reflecting government attempts to fast-track more infrastructure projects to back domestic demand.
Additionally, both official as well as private manufacturing polls suddenly got back to surge in March, driving expectations that China's downturn might be bottoming out.
The private services poll revealed that total orders headed north to 14-month maximum, with solid surge in export sales for the country’s service providers.
However, surge in operating costs kept outpacing prices charged by services businesses, gauging constant pressure on their revenue margin.
Eventually, business confidence tacked on, although stayed weaker than longer-term trends. 18% of respondents hoped business activity would be higher in a year.
Hong Kong’s HK 50 index rose and the Chinese yuan edged up as traders assess the outcome of the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping.
A selloff in stocks stopped. S&P 500 has reversed up from the 100-day moving average. It should be the perfect time to buy the index.
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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