India's Nikkei Manufacturing PMI at four-month low in June

Ashley Carr
July 4, 2017

Down from 51.6 in May to a four-month low of 50.9 in June, the Nikkei India Manufacturing Purchasing Managers Index (PMI) pointed to a slight and weaker improvement in the health of the sector. "Export growth strengthened and business optimism remained elevated", the report explained.

However, the average PMI level over the second quarter as a whole was at 55.9, the best registered for three years.

The PMI reading, given between 0-100, measures activity in the sector - anything above 50 signals growth, while anything below means contraction. New orders from external markets increased at a solid rate that was the most pronounced in eight months. The service sector accounted for more than half of the Chinese economy previous year.

Britain's manufacturing sector saw a reading of 54.3 in the month, down from 56.3 in May, and below the consensus of economists of 56.5.

The government is targeting growth of around 6.5 percent for this year, compared with last year's target of 6.5-7 percent, Reuters reported, noting that 2016's growth was at 6.7 percent, the weakest for 26 years.

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United Kingdom stocks rose for the first time in five sessions on Monday, lifted by shares of energy and mining giants as oil prices gained and data showed a rebound in China's manufacturing activity, MarketWatch reports.

The Chinese data is already out, showing that growth hit a three-month high (more on this shortly).

The UK's manufacturing sector expanded at a slower rate in June than in the previous month, with rates of new business slowing down at home and overseas.

Today's PMI showed price pressures for manufacturing firms eased in June, which could help ease the squeeze on profit margins. Exporters had recently appeared to be cashing in from the pound's decline - a survey by the Confederation of British Industry last month said a bigger proportion of exporters had above-average order books than at any time in the last 20 years.

The arts, entertainment & recreation and public administration sub-sectors remained unchanged, while the remaining 3 sub-sectors recorded growth in the order: management of companies; construction; professional, scientific, & technical services.

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