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.

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