Friday, October 31, 2014   

China factory output down: HSBC
(01-30 11:46)

Chinese manufacturing contracted for the first time in six months in January, HSBC confirmed Thursday, raising questions over growth prospects for the world's second-largest economy this year.
The British banking giant's final reading of China's purchasing managers' index (PMI), which tracks manufacturing activity in factories and workshops, fell to 49.5 this month, AFP reports.
It was its lowest figure since July and fractionally below the preliminary 49.6 HSBC announced last week.
The index is a closely watched gauge of the health of the Asian economic powerhouse. A reading above 50 indicates growth, while anything below signals contraction.
July's figure of 47.7 was the last time it dropped below the critical point.
Qu Hongbin, the bank's economist in Hong Kong, described it as ``a soft start to China's manufacturing sectors in 2014, partly due to weaker new export orders and slower domestic business activities during January''.
"Policymakers should pay attention to downside risks and pre-emptively fine-tune policy to steady the pace of growth if needed,'' he added in a statement accompanying the data.
China's week-long Lunar New Year holiday, when the country's shops, offices and factories largely shut down, begins on Friday.
China's economic growth came in at 7.7 percent for 2013, maintaining its slowest expansion in more than a decade.   
Other Business breaking news:
German retail sales post biggest drop for 7 years (1 hr 19 mins ago)
Hang Seng finishes higher (1 hr 57 mins ago)
IAG airlines group logs improving Q3 profits (1 hr 57 mins ago)
European stocks rally at open (2 hrs 31 mins ago)
Panasonic says half-year profit dives (10-31 15:53)
Nikkei soars to seven-year high (10-31 15:44)
Japan Airlines H1 net profit slips (10-31 15:43)
Sony says half-year loss balloons six-fold (10-31 15:42)
RBS sets aside 400m pounds for forex probes (10-31 15:41)
BoJ chief says at 'critical moment' for exiting deflation (10-31 15:40)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.