Chinese manufacturing, services PMIs diverge.

China's HSBC manufacturing PMI fell to a seven-month low of 48.5 in February from 49.5 in January, while the official reading slipped to 50.2 from 50.5. In contrast, official non-manufacturing PMI rose to 55 from 53.4. "We are seeing a higher share of services in GDP, and we cite that sometimes as one of the signs of rebalancing in the economy," says BBVA economist Stephen Schwartz. "If that's part of a longer-term trend, that's somewhat encouraging."