Tuesday, 17 December 2013

Global manufacturing grows, Japanese business confidence hits 6-year high

Growth in China's manufacturing activity slowed in December, according to a report on Monday. HSBC's preliminary manufacturing PMI for China came in at 50.5 for the month, down from 50.8 in November but still indicating expansion.

Other economic data on Monday were more positive.

In the euro area, Markit's flash composite PMI rose to 52.1 in December from 51.7 last month. The manufacturing PMI rose to 52.7 from 51.6 but the services PMI dipped to 51.0 from 51.2.

In the US, industrial production jumped 1.1 percent in November as manufacturing production rose 0.6 percent. US manufacturing probably continued to expand in December, with Markit's preliminary manufacturing PMI coming in at 54.4 after hitting a 10-month high of 54.7 in November.

In Japan, the Bank of Japan's quarterly Tankan survey showed that its index for large manufacturers rose to plus 16 in December, the highest since December 2007, from plus 12 in September. The non-manufacturers' index jumped to plus 20 from plus 14, the best reading in more than six years.

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