Manufacturing shrinks in Europe, grows in Asia

Manufacturing PMIs for December confirm that activity in the euro area is shrinking but Asia is doing somewhat better.

Markit's manufacturing PMI for the euro area rose to 46.9 in December from 46.4 in November, remaining below the 50 mark that indicates contraction.

However, the China Federation of Logistics and Purchasing's manufacturing PMI rebounded to 50.3 in December from 49.0 in November.

India did even better, with the HSBC manufacturing PMI jumping to 54.2 in December from 51.0 in November.