Last month's report showed activity in China's factories contracted in January for the first time in six months, suggesting a slowdown at the end of 2013 had continued into the new year.
The index sent a chill through growth-sensitive markets in Asia, depressing shares, commodities and the Australian dollar. China is the biggest export market of resource-rich Australia.If we get an intensification of China slowdown fears through these PMI numbers then that could set another unsettling tone to market sentiment.
Economists are expecting another reading below the 50-level which denotes falling activity, although the survey covers the period of the lunar New Year holiday, meaning it may offer a less reliable view.
If we do get another sub-50 reading you will see more stories about the China slowdown coming through. That may in itself lead to more concern about the prospects for global growth and emerging market activity in general,
Conversely, purchasing manager indices for the euro zone for both manufacturing and services, also due on Thursday, are seen stable to slightly higher.
They could provide a first indicator of whether an emerging market slowdown is weighing on Europe. January's survey showed the private sector in the single currency bloc started the year in much better shape than expected.
However, that survey was mainly conducted before currencies from the rand to the rouble tumbled on concerns about reduced growth and a shrinking of cheap money due to U.S. monetary tightening.
Germany's ZEW index of analyst and investor sentiment, due on Tuesday, should also add to picture. It is seen remaining at its highest level in nearly eight years.