The number is out and it’s a miss.
For March, Chinese Flash PMI has come out at 50.5.
That’s a whole point below expectations of 51.5.
Generally, fears have been growing that Chinese growth is flagging again (something confirmed by last months’ PMIs as well as Caterpillar’s earnings today).
This Flash PMI report will only confirm that.
Update: CommSec has just tweeted this chart, showing the steep fall in the value of the Aussie dollar after the worse-than-expected PMI number.
Here are some key graphs from the HSBC report, which you can download here.