Worth noting that the official................>

CHINA: Worth noting that the official manufacturing PMI print saw new export

orders deteriorate at a faster rate in April vs. March (although the

deterioration wasn't as sharp as what was seen in February, the month which saw

the Chinese lockdown measures really come into force). No real surprise there,

given the nature of global business activity and lockdowns seen during the

month.

- Other points of note saw non-manufacturing total new orders return to

expansionary territory for the first time since January, which probably helped

push business expectations in that particular survey above 60.0.

- Remember, these surveys are sequential diffusion indices, and are currently

operating off of a very low base.