Economy

India factory output growth hits four-month high in October

India factory output growth hits four-month high in October”

The IHS Markit/CIPS UK Manufacturing PMI, slumped from 53.6 in September to 51.1 in October, its lowest since July 2016.

PMI fell to a 27-month low of 51.1 down from September's reading of 53.6, with companies blaming lower inflows of new work from overseas, particularly from within the European Union due to Brexit uncertainty but also global trade tensions. The overall level of positivity was at a 20-month low. A number above the 50.0 level indicates industry expansion while a number below is consistent with contraction.

The AUD/USD is trading just north of the 0.7100 barrier once again after surging higher in the Pacific-Asia session, helped along by Chinese Caixin Manufacturing PMI data that managed to hold above the 50.0 critical level.

Analysts attributed the low PMI to slower economic expansion and the escalating US-China trade disputes and said if the situation continued to worsen, the authorities may ramp up stimulus measures to keep the economy on track. The rate of job creation reached a ten-month high and was strong overall.

- Economists say sector unlikely to add to GDP growth in Q4. That said, the rate of selling price inflation was mild in the context of historical survey data and much weaker than seen for costs.

"Of the 14 sub-sectors surveyed, 13 reported growth in the review month in the following order: electrical equipment; petroleum & coal products; printing & related support activities; cement; chemical & pharmaceutical products; textile, apparel, leather & footwear; furniture & related products and transportation equipment".

"New contracts increased at only a modest pace, and firms were the least optimistic regarding the 12-month outlook for almost six years".

The sub-index measuring new orders fell to 55.5 from 57.3 in September, and 60.3 in August. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world's leading financial institutions.IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates.

"The manufacturing sector saw a strong start to the closing quarter of 2018, with new order inflows rising sharply and business optimism spiking higher in an encouraging sign that firms expect the good times to continue into 2019". Production and business confidence continued to cool despite stable demand. According to the statement, the leaders made a decision to continue with the country's "proactive fiscal policy and prudent monetary policy" while again underscoring the need to "stabilise" employment, finance, trade, foreign capital, investment and expectations.



Like this

loading...
loading...

Latest


03 November 2018
Early Voting Totals in 19 States Have Already Surpassed 2014 Midterm Turnout
Unaffiliated voters have already surpassed the total number of early votes cast in 2014, making up about 26% of the early vote. More than 16 percent of voters to date have Spanish surnames, a higher share than in any previous midterm election.

03 November 2018
Blizzard's Overwatch reveals hero 29, Ashe
Ashe's ultimate ability summons Bob, her robot that'll rush toward enemies knocking them skyward while shooting his weapons. It had been rumoured that the new Overwatch character - hero 29 - was going to be the Junker Queen.

03 November 2018
WWE shares slip as Hulk Hogan tapped to host Saudi event
Plus, there is the World Cup Tournament which sees eight wrestlers battle, with four from RAW and four from SmackDown. After weeks of controversy over the event, last-minute card changes and big announcements, Crown Jewel has arrived.

03 November 2018
Diablo III-Themed Loot Goblin amiibo Revealed
A new Diablo game has been announced, developed by NetEase in partnership with Blizzard and it's exclusive to mobile devices. It may not be the Diablo fans were expecting, but could potentially keep fans entertained until Diablo 4's eventual release.

03 November 2018
Our country is going through a low point, PM Khan tells China
The launch apparently is coinciding with Pakistani Prime Minister Imran Khan's maiden visit to China starting Friday. So, Islamabad's only link to Beijing is through Pakistan-occupied Kashmir (PoK).

02 November 2018
Pakistan's 'father of the Taliban' cleric killed in knife attack
According to his Senate profile, Maulana Sami came from the spiritual family of Akora Khattak, where he was born in 1936. However, he had said he wished to see a logical end to the Afghan issue and an end to bloodshed in the country.

02 November 2018
Japan airline apologizes for arrested drunk pilot
In a statement JAL said: "The Company does not condone the individual's actions, as safety remains our utmost priority". His aircraft - a Boeing 777, which holds up to 244 passengers - was delayed by more than an hour after his arrest.

02 November 2018
Sisters found tied together in NY river identified
The women were found lying on rocks near the river, fully-clothed, both wearing black jackets with fur trim and black leggings. The bodies were found earlier this week along the banks of the river bound together with duct tape at their feet and waist.

02 November 2018
Barbra Streisand Joins James Corden for Carpool Karaoke
That's not an escape room. "You know, and making fun of her, the way [Trump] insults her right and left, and has no facts". Oh, my God! What the f**k? "I hope it does", she said.

02 November 2018
Barbra Streisand Takes the Wheel for Carpool Karaoke
Despite her storied career, Streisand admitted that she struggles with performing after taking 27 years off due to stage fright. She says she's constantly talking and writing while driving, and that she's nervous behind the wheel.