China PMIs narrowly top expectations

• Manufacturing PMI 50.2 vs 50.0 (prior 49.7)
• Non-manufacturing PMI 51.7 vs 51.5 expected (prior 51.0)

The official manufacturing PMI is the important one and it rose above 50 for the first time since March 2023. That line signals expansion/contraction, so while it’s a small beat on expectations, it’s an important one.

Notably, China is on holiday all next week.