China - Caixin services PMI for March 42.0 (prior 50.2)

Composite comes in at 43.9

• prior 50.1

Data from earlier this month, the official PMIS both dropped into contraction:

China March PMIs. Manufacturing 49.5 (expected 49.9) & Services 48.4 (expected 53.2)

As did the Caixin manufacturing PMI:

• China's Caixin Manufacturing PMI for March drops into contraction at 48.1

These are painting a very disturbing picture of economic developments in China. Since these surveys were taken case numbers have surged even higher, mainly in China's largest city, and substantial economic powerhouse, Shanghai. The city remains in complete lockdown.