Caixin China manufacturing PMI for August is 51.6, topping expectations

Dollar up in Asia with China manufacturing top data bill

Dollar up in Asia with China manufacturing top data bill

The manufacturing sector in China continued to expand in August, and at a faster rate, the latest survey from Caixin revealed on Friday with a manufacturing PMI score of 51.6.

Britain's manufacturers stepped up production at the fastest pace in seven months in August, taking on more workers to keep up with strong demand from home and overseas.

IHS Markit´s manufacturing PMI gauge reached a four-month high of 56.9 for August, an improvement on the 55.1 registered for July.

Asia's factories cranked up production in August as global demand remained strong, confounding expectations that growth may have peaked, but worries about China's massive debt and monetary tightening in the West are likely to keep businesses and markets on edge for months to come.

Size was no barrier to success, either, with growth reported across all sectors and amongst SMEs and large-scale manufacturers alike.

The index for new export orders was also revised down to 51.3 from a flash reading of 52.2.

A subdued economic outlook pushed the Reserve Bank of India to cut its interest rates by 25 basis points in August, but the central bank maintained its neutral stance and said inflation data would drive its future policy moves.

"Companies linked gains in new export work to increased business from mainland Europe, the USA, China and Australia". "The rebound in August, led by the consumer goods, intermediate and capital goods sectors, suggests that manufacturing firms are now adjusting to the GST regime and that business is returning to normal", it added.

Despite the strong performance in August, there could still be clouds ahead.

"The manufacturing economy remains in good health despite Brexit uncertainty", said Rob Dobson, director at IHS Markit.

As well, copper is now at three-year highs having put on 7 per cent last month, while aluminium, nickel and zinc prices have been rising at their fastest monthly pace in five years.

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