By Alex Ho
Investing.com - China reported on Tuesday morning that its official manufacturing Purchasing Manager’s Index (PMI) expanded in March after slumping to a record low in the previous month.
The PMI came in at 52.0, defying expectations of a contraction as global economic growth are hit by the coronavirus outbreak. That compared with the record low of 35.7 in February.
Analysts previously expected the PMI to come in at 45 for the month of March, according to data compiled by Investing.com.
Meanwhile, the non-manufacturing PMI rose to 52.3 from last month’s 29.6.
The 50-point mark separates growth from contraction on a monthly basis.
The data came after China’s Ministry of Industry and Information Technology said the resumption of work rate for industrial enterprises was 98.6%, while the return of workers stood at 89.9%.
The Shanghai Composite advanced 0.6% by 9:30 PM ET (01:30 GMT). The Shenzhen Component was little changed.
The Caixin/Markit PMI survey, which focuses on a mix of small and medium sized firms, are due on Wednesday.