Morning Bites (Part 2)

🏗China’s excavator sales fell 12% YoY in February (domestic + export), after the 33% YoY drop in January. We note that the decline was slightly sharper than the previous SteelOrbis estimate. Domestic excavator sales declined 33% YoY, after the 59% YoY fall in January. In spite of the protracted deterioration in sales, China's recent PMI data is strong, which could be a sign of a potential reversal in the trend

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