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China and india manufacturing boosts recovery hopes by wgre ethbtn
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China and india manufacturing boosts recovery hopes |
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Business,Business News,Business Opportunities
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NEW DELHI: Factory activity picked up pace in Asia with Chinashowing stronger momentum and India also gathering steam, accordingto business surveys released on Wednesday, buoying recovery hopesin the region. HSBC's Purchasing Managers' Index (PMI), a measure of manufacturingactivity, increased for China in April, suggesting the health ofthe world's second-largest economy was improving. India's factory sector also edged higher month-on-month, led by neworders, the HSBC's Indian PMI suggested, striking a brighter notefor the South Asian country that is facing escalating economic andfiscal challenges. "These are still soft numbers but we may be seeing Chinese -- andAsian growth -- starting to stabilise," Brian Jackson, senioremerging markets strategist at the Royal Bank of Canada in HongKong, told AFP. HSBC's China PMI improved to 49.3 in April from 48.3 in March and"confirms the pace of China's slowdown has stabilized", said HSBCChina economist Hongbin Qu.
An index reading over 50 signals growth while below 50 indicatescontraction. While HSBC's China index reading was not as strong as Beijing'sofficial PMI reading the previous day which hit a 13-month high of53.3 in April, the HSBC economist said: "We expect Chinese GDPgrowth to bottom out in the second quarter and recover modestly toover 8.5 percent in the second half." China's annual growth slowed to 8.1 percent in the first quarter of2012 from 8.9 percent in the previous three months -- its slowestpace in nearly three years. "These (PMI) numbers are good news along with the numbers out ofthe US," said Royal Bank of Canada's Jackson, referring to the USInstitute for Supply Management, which reported a surprise riseTuesday in its widely watched manufacturing index. Strong orders lifted India's PMI manufacturing activity to 54.9 inApril from 54.7 in March even as rising prices spotlighted stillstubborn inflation risks. "Business conditions seem to have improved a bit and the increasein order flows from domestic and overseas customers suggest thepace of growth could hold up in coming months," said HSBC's chiefIndia economist Leif Eskesen.
There was also upbeat data from South Korea with factory outputrising at the fastest clip in more than a year as new orderssustained a third straight month of manufacturing expansion. Monetary easing by key trading partners, such as China, "isfiltering through to higher demand for Korean goods", said HSBCeconomist Ronald Man. The firmer Asian manufacturing numbers swept many Asian stockmarkets higher with Hong Kong rising 1.02 percent, Shanghaiclimbing 1.76 percent and Seoul adding 0.86 percent even as gloomover eurozone output remained a bearish factor. The Markit Purchasing Managers' Index for the euro zone slumped to45.9 from 47.7 in March, signalling shrinking of the manufacturingsector, and suggesting a growing economic chasm between Europe andthe rest of the world.
Taiwan's manufacturing sector grew in April, albeit at a weakerpace, with HSBC saying low demand in the West would constrain theisland's export expansion for a while longer, making domesticdemand an important driver. In Indonesia, manufacturing also grew at a slightly slower clip inApril. - AFP/cc. I am an expert from Industrial Supplies, usually analyzes all kind of industries situation, such as nilfisk vacuum parts , underground pipe fittings.
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