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China's Caixin manufacturing PMI hits six-month high

China's Caixin manufacturing PMI hits six-month high

China's Caixin manufacturing PMI hits six-month high

Growth in Greek manufacturing activity accelerated in August for the third consecutive month as rising demand at home and overseas led firms to add jobs and increase production, a survey showed. As per the press release, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) rebounded to 51.2 in August from a low of 47.9 in the previous month, indicating a substantial turnaround from July's GST-related contraction.

Output rose and overall new orders expanded but export orders grew at a slower pace, according to the survey's sub-indexes, indicating that domestic demand was strengthening at the expense of global demand.

Manufacturing output declined to 54.3 from 56.3, though some survey respondents reported having a greater number of projects in the pipeline.

The latest PMI business survey showed both the output and new orders sub-indexes nudged back into expansionary territory, pushing the pace of hiring to the highest in nearly 4-1/2 years. Any number above 50 suggests growth in the sector's activity.

The stronger demand for exports saw companies expanding their production schedules and buying activity, while business confidence rose to its highest level for five months.

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The dollar held stronger in Asia on Thursday with China manufacturing data coming in better-than-expected and investors generally upbeat on the regional view and chance s for US tax cuts later this year.

The data assumes significance as it comes a day after the government data showed the country's economic growth slipping to a three-year low of 5.7 percent in April-June, primarily due to headwinds from the manufacturing sector. Purchase price inflation accelerated for the first time in seven months during August.

"The key question is whether this positive start to the second half of the year can be sustained", said Rob Dobson, director at IHS Markit. The recent lift in the dollar is dampening imported input prices but also dampening export sales.

"The Caixin China General Manufacturing PMI rose 0.5 points to 51.6 in August, the second-highest reading of this year so far".

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