Here Comes HSBC China PMI...

China HSBC PMI for September is out at 9:45 p.m. ET.

Economists polled by Bloomberg are looking for PMI to hold steady at 51.2.

HSBC Flash PMI jumped to 51.2 in September, with a broad based improvement in manufacturing. There was a noticeable improvement in new export orders.

This is also up from a reading of 50.1 in August.

The recent strength in the industrial production data is also positive for manufacturing. And an improvement in both the HSBC and official PMI numbers (the latter due on Tuesday) will add to signs that China's economy is stabilizing.

Here's a look at the trajectory of official and HSBC PMI: