China's Caixin services PMI drops to 51.1 in February, a negative surprise

China's Caixin services PMI for February came in at 51.1 vs. 53.8 expected and 53.6 last, which showed that the softest increase in business activity since last October.

Meanwhile, the Composite Output Index dropped to a four-month high of 50.7 in Feb from Januarys’ reading of 50.9, signaling the Chinese composite output expanded at the softest pace in four months.