Tuesday, 20 November, 2018

United Kingdom builders pick up pace in October, but Brexit worries grow - PMI

China's Manufacturing Sector Expands Marginally Manufacturing growth slows in October - PMI
Russell Knight | 03 November, 2018, 06:01

United Kingdom manufacturing slowed in October, as output declined to its lowest level in over two years, prompting companies to cut jobs in response to Brexit uncertainty and growing trade tensions, according to the Purchasing Managers Index (PMI) report by IHS Markit/CIPS.

The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) for October, released on Thursday, edged up to 50.1 from 50.0 in September.

This is the lowest level since the month following the Brexit referendum vote in June 2016.

The index level of 50 is the dividing point between expansion and contraction in the sector.

Wednesday's data also showed that China's non-manufacturing sector held steady in October, with the PMI for the sector standing at 53.9 in October, down from 54.9 in September.

Business investment growth remains lacklustre while worldwide trade is assumed to make no contribution to growth over coming years given the OBR expects a reduction in "trade intensity" after Brexit day in March 2019.

Slower rise in new projects at construction companies.

Driving the latest development in the health of the sector was a sharp increase in new business.

Spacecraft breaks record for coming closest to Sun
NASA's Deep Space Network is helping scientists to recognize the speed and position of the spacecraft in the space. An artist's sketch of the Parker Solar Probe approaching the sun.

Oil prices drop as rising supplies meets global economic gloom
Continuing trade tensions between the US and China are raising concerns slower economic growth will slow the demand for oil. West Texas Intermediate (WTI) crude CLc1 futures fell $1.16 to $65.88 a barrel, down 1.7 percent.

China says Xi-Trump phone call ‘extremely positive’
Neither leader specified any details of possible progress in their first known direct discussion in several months. On Thursday, Mr Trump spoke with his Chinese counterpart and raised the prospect of a deal to end a trade war.

"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".

Detrimental exchange rate movements, rising raw material prices and the SST were all cited as sources of cost pressures in October.

Although input costs continued to increase, the rate of inflation dropped to its lowest in 15 months, encouraging some producers to lower charges and others to keep prices unchanged.

Fastest growth in civil engineering since July 2017.

Shannon Murphy, manufacturing expert at trade credit insurer Euler Hermes, said her clients were reporting customers cutting new orders contracts from six months to three. This indicates that foreign demand continued to wane, while the pressure on enterprises dealing with exports rose yet again.

More than 70 per cent of USA firms operating in southern China are considering delaying further investment there and moving some or all of their manufacturing to other countries as the trade war bites into profits, a business survey showed on Monday.

The sub-indices on manufacturing production and new orders both declined at the fastest pace in more than three years, the PMI survey found.

Private sector firms in all sectors account for 60 per cent of Chinese economic activity and 80 per cent of employment.

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