China’s manufacturing activity expanded for the first time in six months in March, official data showed on Sunday. New home prices rose at the fastest pace in more than two and a half years last month. In a statement by a ministry spokesperson said the U.S. National Trade Estimate Report on Foreign Trade Barriers failed to provide any evidence to prove China’s relevant policies and practices violated WTO rules, but unfairly accuses China of so-called “non-market” policies and practices and barriers in sectors like agriculture and data policy.
US inflation edged up in February, according to the Federal Reserve’s preferred gauge. Japan’s economic output recovered to full capacity in the last quarter of 2023, according to an estimate by its central bank. Canada’s Prime Minister Justin Trudeau launched a $6 billion Canadian dollars housing fund to accelerate the construction and upgrading of housing. Factory activities in the euro zone contracted further in March, a survey showed on Tuesday.
China’s manufacturing activity expands in March
China’s manufacturing activity expanded for the first time in six months in March, official data showed on Sunday.
The purchasing managers' index (PMI) came in at 50.8 in March, data from the National Bureau of Statistics (NBS) showed. The 50-mark separates growth from contraction.
Of the 21 surveyed manufacturing areas, 15 expanded according to NBS senior statistician Zhao Qinghe.
The non-manufacturing PMI stood at 53 in March, up from 51.4 in February.
China’s new home prices rise at fastest pace, private survey
New home prices in China rose at the fastest pace in more than two and a half years in March, a private survey showed on Monday.
The average new home prices in the 100 surveyed cities rose 0.27% in March from February, the highest rise since July 2021, data fro China Index Academy - a real estate researcher showed.
Of the surveyed cities, 43 saw prices increases in March, up by three cities from February.
China opposes US trade barriers report listing it as 'primary concern'
China’s Ministry of Commerce opposes a U.S. report on foreign trade barriers, which listed China as a country of primary concern.
In a statement by a ministry spokesperson said the U.S. National Trade Estimate Report on Foreign Trade Barriers failed to provide any evidence to prove China’s relevant policies and practices violated WTO rules, but unfairly accuses China of so-called “non-market” policies and practices and barriers in sectors like agriculture and data policy.
The statement also urges the U.S. to stop making unfounded accusations against other countries and abide by WTO rules.
China’s telecom sector expands in Jan-Feb
China’s telecommunication sector expanded in the first two months of the year, official data showed.
The combined revenue of telecommunication firms rose 4.3% in the period compared to a year ago.
Revenue from cloud computing and big data grew 17.3% and 30.3% respectively.
RMB retains 4th global currency, SWIFT
China’s currency renminbi (RMB) remained the fourth most active currency for global payment by value in February.
The RMB took up 4% of global payment last month, according to a report by the Society for Worldwide Interbank Financial (SWIFT).
The RMB took up the fifth place in international payment excluding payments within the Eurozone.
China's Hong Kong Special Administrative Region is the largest market for offshore RMB transactions, taking up 79.9%, followed by Britain at 5.37% and Singapore at 3.39%, the report said.
US inflation edges up in February
US inflation edged up in February, according to the Federal Reserve’s preferred gauge.
The Personal Consumption Expenditures price index rose 2.5% in February from a year ago, up from 2.4% in the previous month.
The price was driven up by a 2.3% jump in energy prices.
On a monthly basis, prices edged up 0.3% last month.
Japan’s economy recovers to full capacity
Japan’s economic output recovered to full capacity in the last quarter of 2023, according to an estimate by its central bank.
The country’s output gap, which measures the difference between an economy’s actual and potential output, stood at 0.02% in the fourth quarter of last year, the Bank of Japan said on Wednesday.
It was the first positive reading in nearly four years.
Eurozone factory activity downturn deepens in March
Factory activities in the euro zone contracted further in March, a survey showed on Tuesday.
The HCOB Eurozone Manufacturing PMI, compiled by S&P Global, fell to 46.1 in March from 46.5 in February.
The decrease in the survey’s headline figure was driven by suppliers’ delivery times and stocks of purchased as disruption caused by the diversion of ships away from the Suez Canal abated, leading to a sharp improvement in vendor performance, according to a statement by the compiler.
Canada launches C$6 bln housing fund
Canada’s Prime Minister Justin Trudeau launched a $6 billion Canadian dollars housing fund to accelerate the construction and upgrading of housing.
The country faces a housing affordability crisis as the growth of immigrant population has outpaced the number of available homes, leading to increases in housing prices and rents.
"We need more affordable homes, and we need the infrastructure to help build these homes. That's why in Budget 2024, we're building more infrastructure, building more homes, and helping more Canadians find a place to call their own," Trudeau said.
South Korea factory activity contracts in March
Factory activity in South Korea contracted in March as domestic demand slowed, a private survey showed on Monday.
The purchasing managers index (PMI) in South Korea, compiled by S&P Global, came in at 49.8 in March, down from 50.7 in February.
The 50-mark separates expansion from contraction.
The sub-indexes for output and new orders fell to 49.8 and 49.9 respectively.
