Published: Sat, November 03, 2018
Markets | By Otis Pena

Turkey’s manufacturing index slightly rises in October

Turkey’s manufacturing index slightly rises in October

Greater production requirements and efforts to clear backlogs meanwhile led to a quicker monthly rise in hiring, the fastest for ten months. That said, the rate of selling price inflation was mild in the context of historical survey data and much weaker than seen for costs.

Chinese manufacturing sector growth was little changed at a very low level in October amid pressures from the United States trade war, data from financial news outlet Caixin showed. A figure above 50 signifies growth.

Markit reported that foreign demand decreased for the second time in the past three months, with some companies reporting that Brexit uncertainties had negatively impacted inflows of new work from within the EU.

The headline PMI was driven by a stronger expansion in new business received by goods producers in October.

But overall new orders edged on domestic demand and production remained in positive territory.

Conditions in the sector "slowed sharply" as output growth weakened and new order inflows and employment declined for the first time since the aftermath of the European Union referendum, according to the closely-followed IHS Markit/CIPS Purchasing Managers' Index (PMI) figures.

Production levels expanded strongly in October and at a rate that was broadly in line with the series trend.

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Chinese economic growth slowed to 6.5 per cent in the third quarter, down from a high of 6.8 per cent this year. This is definitely not a good sign, even though new orders were at 57.4. Price gauges continued to point to upward inflationary pressures, but were similar to September's readings.

Volumes of new work from overseas also increased, albeit at the softest rate for three months.

Amid reports of higher prices for chemicals, energy and metals, average cost burdens increased further.

Fastest growth in civil engineering since July 2017.

And despite the negative start to the fourth quarter, firms expected output levels to lift over the coming 12 months, with planned expansion into new markets and stronger sales forecasts supporting business confidence. This means the manufacturing sector is growing more slowly, as Zhao Qinghe, a senior statistician from NBS' Service Survey Center, interpreted the PMI data. Prior to September, the health of the sector had improved for 15 consecutive months.

The slowdown follows a similarly dismal report for euro area manufacturers earlier this month.

China's manufacturing sector has been squeezed by a reduction in sources of credit amid Beijing's multi-year crackdown on corporate debt and risky lending practices, with smaller firms especially under strain.

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