PMI data from China has painted a mixed picture.

The country's manufacturing sector, with the official gauge, which focuses on larger state-owned enterprises, edging up to 50.3 in March from 50.2 in February. The HSBC index, which gives more weight to smaller private companies, slipped to 48 from 48.5. HSBC says that its reading confirms the weakness of domestic demand and that it implies 1Q GDP growth of below the annual goal of 7.5%.