Surveys show China factory activity picks up steam

A Purchasing Managers’ Index climbed to 55.4, IHS Markit said on Wednesday.

Data released by the Central Statistics Office on Tuesday showed that India’s economy grew higher than expected 7% in October-December.

Analysts had expected a reading of 54.6 points.

Asian factories extended a global manufacturing revival as activity picked up steam in February, though the outlook for numerous region’s export-reliant economies remained uncertain in the wake of U.S. President Donald Trump’s protectionist stance.

Faster rates of output and new business growth were the main factors boosting the headline PMI in February. The Philippines’s 53.6 PMI is above the Asean average PMI of 50.3 in February.

The Nikkei Manufacturing Purchasing Managers’ Index, compiled by IHS Markit, rose to 50.7 in February from 50.4 in January. A reading below 50 suggests activity levels declined.

No, there’s no sign of a slowdown yet, and perhaps explains why commodity prices – broadly – continued to push higher in February.

In addition, Markit said job creation was registered for the seventh consecutive month, but there was a further sharp rise in purchase prices and output charges.

After surging to the highest level in nearly seven years, the index measuring expected business conditions in six months’ time remained high in February.

“Growth is being driven by robust domestic demand, stemming in turn from buoyant consumers and increased investment spending by the energy sector in particular”. Weakness in exports will raise some concerns surrounding the impact of a strong dollar and trends will continue to be monitored closely.

The pound finished lower by 0.72% against the USA dollar on Wednesday, closing at 1.22923.

Shares of express delivery firm S.F. Holding climbed 4.8 percent in its seventh session of gains, surging as much as 83.5 percent in just seven trading days.

Output rose at a faster pace of 53.7, compared to 53.1 in January, while overall new order growth also picked up. “The housing sector has gotten off to a bumpy start this year though this report is one of strength”.

Growth of new business was also linked to a fifth successive monthly rise in backlogs of work.

“Cost inflation reached its highest since the survey inception”.