Monday, 16 September, 2019

United Kingdom factory output 'falls at fastest pace for seven years'

Asian factories pummeled by trade war, slowing demand in August UK factory output 'falls at fastest pace for seven years'
Russell Knight | 03 September, 2019, 02:14

"High levels of economic and political uncertainty alongside ongoing global trade tensions stifled the performance of United Kingdom manufacturers in August", said Rob Dobson, director at IHS Markit.

The IHS Markit/CIPS UK manufacturing purchasing managers' index (PMI) fell to 47.4 in August, down from a reading of 48 in July.

China's official manufacturing PMI, released by the National Bureau of Statistics on Saturday, fell to 49.5 in August from July's reading of 49.7.

An index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good gauge of economic health, rose to 47.9 from 46.9 but also spent its seventh month below the breakeven mark.

ASIAN STRAIN Export-reliant South Korea, Japan and Taiwan saw factory activity shrink, underscoring the growing pain from the tit-for-tat tariff war between the world's two-largest economies.

Britain remains on course to leave the European Union at the end of October, with or without a trade deal. "China trade war, which is continuing to escalate", said Rajiv Biswas, Asia Pacific chief economist at IHS Markit.

And added: "This has impacted hiring plans, with manufacturers maintaining staffing levels ahead of expected rises in production requirements in coming months".

Watching the Bahamas: Hurricane Dorian could be catastrophic | 10News WTSP
The newest advisory indicates that the east-central coast of Florida may experience a "brief tornado" Monday afternoon or evening. The hurricane is then expected to gradually turn to the northwest, approaching Florida late Monday through Tuesday night.

Mane and Salah 'spat' shrugged off by Liverpool captain Henderson
Sadio Mane and Roberto Firmino found the target after an own goal from Chris Wood had ended Burnley's early resistance. With the worldwide break coming up, the club staff has two game free weeks to try and get Alisson back to action.

United States envoy shows draft peace deal with Taliban to Afghan president
Early Sunday morning, Washington's special envoy to Afghanistan Zalmay Khalilzad said the two foes were on the brink of a deal. Taliban fighters have attacked the strategic northern Afghan city of Kunduz, setting off a major battle with security forces.

"Where a decrease in new orders was reported, this was linked to weaker domestic and global economic conditions, low market confidence, Brexit concerns, business uncertainty and a slowdown in client spending", IHS Markit said.

Data on Friday showed India's economic growth hit a 6-year low in April-June, raising chances of the central bank cutting interest rates further at its next meeting.

But there are signs the economy may start to lose the support from consumption and capital expenditure.

Any further sign of weakness in domestic demand could add pressure on the Bank of Japan to ramp up stimulus at its rate review on September 18-19, which follows the ECB's latest policy decision and that of the U.S. Federal Reserve.

With its sales overseas hit by a worsening trade climate, a global economic slowdown and an increasingly chaotic run-up to Brexit, the bulk of Germany's growth momentum is been generated domestically - a dependency that leaves it exposed to any weakening of the jobs market.

As a result, manufacturers sped up job cuts, which reached the fastest rate since July 2012.

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