English | دری

Asian markets feel the pinch as Europe sinks

in International Business

Asian markets feel the pinch as Europe sinks

Manufacturing activity in China fell in July to its lowest pace in eight months.

Surveys of thousands of factories across the world were realeased on Wednesday, showing activity in the 17-nation Eurozone has declined for the eleventh straight month in July.

 Purchasing Managers Indexes (PMIs) indicate that not only did the decline in manufacturing worsen in Italy, Spain and Greece, but also in the two regions forming the biggest economies in the Eurozone, France and Germany. Britain’s PMI plummeted to a more than three year low.

 Despite being resilient to the effects of recession until recently, export orders and output were weak in India and China, Asia’s biggest economies.

 China’s official factory PMI has fallen to 50.1 in July, an eight month low, whereas the HSBC China PMI rose to its highest level since February, to 49.3, however staying  below 50 for the ninth straight month.

 The effects of cooling demand in Europe were evident across Asian markets, with South Korea suffering its worst decline in manufacturing activity in seven months, and India showing the sharpest one month drop in growth since September.



Related Articles

US Congress in final push to reach 'fiscal cliff' deal

BBC News- US Congressional leaders have one more day to stop steep tax rises and spending cuts, known as the

UK banks accused of mis-selling to Italian borrowers

Several UK-based investment banks, including Nomura, UBS and Deutche Bank, are accused of mis-selling derivatives to Italy in deals worth

China changes its one-child policy

China has endorsed its one-child policy that has been enforced upon its population since 1970s to curb the nation’s rapid

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.