Global recession fears could be overblown, China's manufacturing PMI rises

Jeff Mills, co-chief investment strategist at PNC Financial Services Group, thinks that global recession fears are overblown.

"I think, as we move into the second half of the year, this narrative of global growth potentially causing problems here in the U.S. is going to shift to a stabilization of global growth and then more of a focus on things like earnings," Mills told CNBC last week.

Indeed, a report on Monday showed that the Caixin/Markit China manufacturing PMI rose to 50.8 in March from 49.9 in February.

Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, a subsidiary of Caixin, wrote that "the situation across the manufacturing sector recovered in March" as "both domestic and external demand rebounded moderately".