China’s services activity expands sharply in April
Caixin China PMI landed at 56.3 in April, landing in line with expectations and marking an increase compared to the figure of 54.3 recorded in March, according to a report released by the IHS Markit on Friday. China’s service sector business activity saw another solid increase in April, with the figure marking the steepest rate of growth seen for four months and showing sustained improvement as the headline index has remained above the neutral 50 for ten months straight. “The reading hit the highest level this year, signaling an accelerated recovery of the services sector,” said Senior Economist at Caixin Insight Group Dr. Wang Zhe. “Surveyed service providers were confident about the control of the epidemic and the economic recovery,” he cocnluded.
Industrial production in Germany up 2.5% in March
German industrial production in March increased 2.5% compared to the previous month, beating market expectations, the Federal Statistical Office reported on Friday. Moreover, year-over-year industrial output increased by 6.5%. Excluding non-energy manufacturing and construction, industrial production in March 2021 was up 0.7% when compared to February 2021, with the productions of intermediate goods and consumer goods rising 1.2% and 2.9% respectively. The production of capital goods was the only area where there was a decrease, falling 0.4% month-over-month, as energy production climbed 2.4% and construction output surged 10.8%.