China's PMI Show Fragile Recovery in April

        0831 GMT [Dow Jones] China's manufacturing PMI at 50.4, released Thursday, ticked up in April but came in slightly worse than market expectations, indicating a recovery that is still fragile. "Production and new orders indices--which we view as the two most important components in the PMI survey--judging from the degree of correlation with past cycles shown by hard data like industrial production--sent mixed signals," says Goldman Sachs. The 0.1ppt improvement is also weaker than historical pattern, says Credit Suisse. It says April PMI is on average 0.7ppt higher than March's as national and local governments kicked off with business after their annual people's congress meetings. "This set of PMI numbers reflects signs of stabilisation at the low end of the growth range; however, a significant rebound is clearly still missing." (jacky.wong@wsj.com; Twitter: @jackycwong)
        (END) Dow Jones Newswires

        May 02, 2014 04:31 ET (08:31 GMT)