Economy

Manufacturing Growth In India Picks In January; PMI Hits 8-Year High

Manufacturing Growth In India Picks In January; PMI Hits 8-Year High”

Mainland China markets reopened today for the first time since 23 January and we are seeing the Caixin/Markit Jan manufacturing PMI vs the previous 51.5.

Worryingly, the latest survey didn't reflect the outbreak of a rapidly spreading new coronavirus in China that has claimed scores of lives, disrupted travel and tourism across many countries and stoked fears of a broad hit to global growth.

Outbreak raises risk of shock to economy, more stimulus expected.

Export orders and employment slip back into contraction.

ZANYATOSTI January, the Russian manufacturers continued to cut jobs, but the rate of contraction was only slight.

Spain's manufacturing sector contracted for the eighth month in a row in January, although at a slower pace than in December and with the output falling at the weakest rate in eight months while business confidence improved, a survey showed on Monday.

The seasonally adjusted PMI rose to a nine-month high of 50.0 in January, identical to its no-change mark and above December's reading of 47.5, said a joint report from the IHS Markit, a London-based global information provider, and the Chartered Institute of Procurement & Supply (CIPS), a Britain-based global procurement and supply organisation.

The Markit/Caixin Purchasing Managers' Index, which focus mostly on small and export-oriented businesses, eased to 51.1 in January, slightly down from 51.5 in December.

Limited improvement in domestic and foreign demand meant some manufacturers did not replenish stocks, said Zhong. In contrast, business confidence increased at the start of 2020, when the producers showed a higher level of positive sentiment concerning the prospects for production in the next 12 months.

Asia's fourth-biggest economy could also face more pressure in the coming months from China's coronavirus epidemic, which many analysts warn will be a drag on growth both in China and worldwide. Input prices rose at the fastest pace in six months, which panelists said was due to ongoing currency weakness, while output prices rose at a moderate pace.

Meanwhile, the China stock markets opened down almost 9% a the start of the day with 2,829 new cases of coronavirus were reported in China on Feb 2, total infection reaching 17,205.



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