China official Manufacturing PMI rose to 51.8, up 0.2 percentage point (pp), while the Caixin Manufacturing PMI dropped 0.5 pp to 51.2. The contradiction indicated the operating environment of large enterprises remained healthy but for the SME, the growth was weakened.
After a successive rise in the first half of March, the overall market suffered sell off and pulled back last week. Mid/ small cap indices were more sensitive to the adjustment, cross border mid cap index CES China 280 Index (CES 280) dropped 1.9% while cross border large cap index CES China 120 Index (CES 120) dropped 0.9%.
Macau Gross Gaming Revenue increased 18% YoY in March, significantly higher than the market consensus of 15%. The Macau GGR had gained 13% YoY in the first quarter, implied obvious recovery of the gaming sector. CES Gaming Top 10 Index (CES G10) increased 2.2%.
