Subscribe free to our newsletters via your
. GPS News .




POLITICAL ECONOMY
Asia manufacturing picks up but data points to headwinds
by Staff Writers
Hong Kong (AFP) Nov 01, 2013


Asian manufacturing picked up pace in October, figures showed on Friday, with Chinese activity at an 18-month high but analysts warned that background data indicates fresh headwinds in the coming months.

The broad pick-up will come as good news for the region after a tough few months caused by uncertainty over the US Federal Reserve's stimulus scheme -- which has supported investment in emerging nations.

China provided the stand-out data, with the official purchasing managers' index (PMI) hitting 51.4 last month from 51.1 in September.

The reading from the National Bureau of Statistics (NBS), is the highest since 53.3 in April 2012. Anything above 50 indicates expansion while a figure below signals contraction.

Also Friday, British bank HSBC said its PMI had hit a seven-month high of 50.9 in October, unchanged from a preliminary reading last week, but much higher than its September figure of 50.2.

The numbers add to a growing feeling that China -- a key driver of global and regional economic growth -- was gradually moving out of a slowdown that has lasted most of the year.

China's economy expanded 7.8 percent in July-September, snapping two quarters of growth, while trade and investment have also shown a general improvement.

"China is on track for a gradual growth recovery," HSBC chief economist for China Qu Hongbin said in the bank's release, while ANZ bank economists Liu Li-Gang and Zhou Hao said the figures suggest "the economy is still in an expansion mode".

However, government and independent analysts warned underlying data suggests economic weaknesses remain.

Zhao Qinghe, a researcher at China's National Bureau of Statistic, said on its website: "The forces driving up the PMI reading were imbalanced as the rebound in subindexes other than output remained relatively weak."

And Bank of America Merrill Lynch economists called the official figures "above consensus", adding "further improvement ... is limited".

They said the gain was mostly fuelled by higher output owing to a pick-up in the economy as well as inventory restocking, while new orders, including for exports, slowed.

The news was similar elsewhere.

In Indonesia HSBC said its PMI rose to 50.9, its highest level in four months, from 50.2 in September, driven by a rebound in new work. But HSBC economist Su Sian Lim said: "But the ongoing contraction in work backlogs suggests that overall demand-pull pressures in the economy continue to weaken."

In India, manufacturing continued to shrink, with the HSBC index unchanged at 49.6. The figures add to growing concerns about growth, which has been held back by an exit of foreign cash, economic mishandling, bureaucratic red tape and corruption.

Exporters were boosted by a weaker rupee -- making their goods cheaper abroad -- but importers had to pay more for their inputs. HSBC said input cost inflation hit a 16-month high in October while prices charged by manufacturers rose at their fastest pace since February.

And in Taiwan its PMI fell to 51.6 from 52.6.

South Korea, however, was more upbeat, its PMI jumping into positive territory in October -- hitting 50.2 from September's 49.7 -- while exports rose 7.3 percent, turning around a decline from a year before.

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








POLITICAL ECONOMY
China GDP figures wrong by $610 billion: report
Beijing (AFP) Oct 30, 2013
China's economy would be at least 3.7 trillion yuan ($610 billion) bigger than Beijing thinks if the country's local government statistics were to be believed, state media reported Wednesday. The Economic Information Daily tallied up gross domestic product (GDP) data from 28 of mainland China's 31 provincial-level authorities, totalling 42.4 trillion yuan for the first nine months of the yea ... read more


POLITICAL ECONOMY
Study challenges soil testing for potassium and the fertilizer value of potassium chloride

Plant production could decline as climate change affects soil nutrients

Drink it while you can, as wine shortage looms: study

Second GM corn set for EU approval after Court ruling: EU sources

POLITICAL ECONOMY
JQI team 'gets the edge' on photon transport in silicon

Atomically Thin Device Promises New Class of Electronics

Tiny Sensors Put the Squeeze on Light

Quantum conductors benefit from growth on smooth foundations

POLITICAL ECONOMY
Seoul eyes export market for its Surion light helicopter

Declassified: USAF tested secretly acquired Soviet fighters in Area 51

El Salvador to buy used attack planes from Chile

New Climate-studying Imager Makes First Balloon Flight

POLITICAL ECONOMY
France backs down on truck 'ecotax' after protests

Proposed car system could alleviate unexplained traffic jams

China's Dongfeng mulls 'rationality' of Peugeot move

Eight U.S. states in agreement to promote zero-emission vehicles

POLITICAL ECONOMY
Hong Kong mulls listing rules change after failed Alibaba talks

Cambodia, Malaysia to restart domestic help immigration

China revives WTO nuts and bolts dispute with EU

World Bank: Singapore, Hong Kong best for business

POLITICAL ECONOMY
Warm winters let trees sleep longer

Study of Brazilian Amazon shows 50,000 km of road was built in just three years

Local communities produce high-quality forest monitoring data, rivals that of professional foresters

Redwood trees reveal history of West Coast rain, fog, ocean conditions

POLITICAL ECONOMY
Astrium delivers microwave radiometer for the Sentinel-3A satellite

Time is ripe for fire detection satellite

Canadian Satellite SCISAT Celebrating 10 Years Of Scientific Measurements

Developing Next Generation K-12 Science Standards

POLITICAL ECONOMY
Scientists untangle nanotubes to release their potential in the electronics industry

Nano-Cone Textures Generate Extremely "Robust" Water-Repellent Surfaces

Newly discovered mechanism propels micromotors

Densest array of carbon nanotubes grown to date




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement