China's Flash Manufacturing PMI fell to a four-month low of 50.4 in February from 52.3 in January. Economists were looking for a reading of 52.2. Despite this unexpectedly low reading, markets are taking the report in stride.  Chinese stocks are trading up. "We suggest not taking this flash PMI seriously as this PMI data point was heavily distorted by the Chinese New Year holiday," writes Bank of America Merrill Lynch economist Ting Lu. While PMI is often regarded as one of the best economic indicators available, Lu believes it is "not a good barometer."  At least this time ... Read More