The Caixin China Composite PMI data (which covers both manufacturing and services) signalled a further slowdown in growth momentum at the start of the second quarter. This was highlighted by the Composite Output Index posting 51.2 in April, down from 52.1 in March, and the lowest reading for ten months. Latest data saw a loss of momentum across both the manufacturing and service sectors during April.

While manufacturers recorded the weakest rise in production since last September, service providers saw the slowest increase in business activity for 11 months. Weak services growth was illustrated by the seasonally adjusted Caixin China General Services Business Activity Index registering at 51.5, down from 52.2 at the end of the first quarter, to signal only a modest rise in activity levels.