Sunday, 17 February, 2019

Stock Number Shows China Is Still Lacking in Manufacturing

Analysts surveyed by Reuters had forecast the factory gauge would dip marginally to 49.3 from 49.4 in December. — Reuters pic Stock Number Shows China Is Still Lacking in Manufacturing
Russell Knight | 03 February, 2019, 06:41

-China trade talks yielded few immediate results.

The official manufacturing Purchasing Managers' Index ticked up to 49.5 from 49.4 in January, marginally exceeding market expectations of 49.3, but is still hovering above a three-year low and reflects sustained weakness in China's industrial sector. Presidents Donald Trump said China has agreed to buy more American soybeans, but he expects to meet President Xi Jinping to seek agreement on other contentious issues.

China's vice premier Liu He will be meeting United States president Donald Trump in his visit to Washington on Wednesday and Thursday for the next round of trade talks targeted to quell the trade spat between both countries. And it was still in moderate expansion territory in Vietnam, Philippines and Thailand - where the downturn in the tech cycle weighed less than in the more advanced economies. A tariffs cease-fire between the US and China is set to end on March 2, and the U.S.is expected to raise import taxes from 10 percent to 25 percent for $200 billion in Chinese goods.

HONG KONG, Feb 1 (Reuters) - Factory activity shrank across much of Asia in January, falling to the weakest in years in several countries and adding to worries that trade tariffs and cooling demand in China pose an increasing threat to global growth.

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Not all PMI surveys were gloomy.

"The first reading of the AIB Manufacturing PMI survey in 2019 shows a further loss of momentum in the sector in January", said AIB chief economist Oliver Mangan.

That was its lowest reading since November 2014 and an index measuring output which feeds into a composite PMI due on Tuesday - seen as a good gauge of economic health - fell to a 5-1/2 year low of 50.5 from 51.0. "If nothing else, a deal should prevent the near-term imposition of higher tariffs", Robert Carnell of ING Bank said in commentary. According to data provider FactSet, analysts expect 165,000 jobs to be added and the unemployment rate to remain at a low 3.9 percent.

Meanwhile, revenue of creative design services and cultural transmission amounted to 1.11 trillion yuan (170 billion US dollars) and 1.02 trillion yuan (150 billion USA dollars) respectively, up 16.5 percent and 12 percent, data from the NBS showed. Brent crude, used to price global oils, lost 24 cents to USD60.60 per barrel. The contract dropped 70 cents to $60.84 per barrel in London. The euro rose to $1.1468 from $1.1445.

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