a look at the day ahead in european and global markets from ankur banerjee after a tentative start to the month markets in asia got a jolt from chinas manufacturing activity which expanded at the fastest pace in more than a decade in february and the exuberant mood is likely to seep through to european markets the msci asia exjapan index was pinned near twomonth lows at the start of the day before spiking up 14 and was on track for its best day in nearly two months after chinas manufacturing purchasing managers index for february surged to 526 up from 501 in january the data from china was an exception for the region where factory activity otherwise stalled in february but investors bet on recovery in the worlds second biggest economy at a time when the us federal reserve is likely to stay hawkish for longer meanwhile australias economy grew at its weakest pace in a year last quarter as strength in trade was offset by rising interest rates and high inflation data from france and spain on monday highlighted the sticky nature of inflation weighing on the continentwide stoxx 600 index the index was one of the few to eke out meagre gains for the month of february and after a euphoric january traders might wonder what comes next march madness perhaps march also brings us the next set of central bank meetings with investors expecting the ecb to hike interest rates by 50 basis points taking the benchmark rate to 3 the central bank is due to meet on march 16 but before that investors will parse through a raft of economic data including sp global manufacturing pmis for the eurozone germany and france later in the day key developments that could influence markets on wednesday