Factory activity in China unexpectedly jumped in March — rising for the first time in four months — according to an official survey released Sunday.
Stocks in Asia were set to see opening gains on Monday morning following data released over the weekend that showed economic activity in China unexpectedly bouncing back in March.
The official Purchasing Managers' Index rose to 50.5 in March from February's three-year low of 49.2, marking the first expansion in four months, according to data released by the National Bureau of Statistics on Sunday. The 50-mark separates growth from contraction on a monthly basis. "This is the first month in four that Chinese manufacturing activity has returned to growth and suggests a read through of Chinese macro policy growth support beginning to flow through into the economy," David de Garis, a director and senior economist at the National Australia Bank, said in a morning note.
On the U.S.-China trade front, high-level trade negotiations between the two economic powerhouses are set to resume in Washington this week following last week's talks in Beijing.
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