Here Comes Official China PMI...

China's official manufacturing PMI for March is out at 9 p.m. ET.

Economists polled by Bloomberg are looking for PMI to ease to 50.1, from 50.2. A reading below 50 indicates contraction.

We've already seen HSBC PMI fall into contractionary territory.

Bank of America's Ting Lu is looking for PMI to hold steady in part because of seasonality.

"The recent vow by the government to speed up infrastructure investment to maintain stable growth could slightly help boost sentiment," he writes.

Here's a look at the trajectory of PMI and PMI new orders: