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

India lowers economic growth forecast to 5%

India’s central bank has cut economic growth forecast to 5%, as the country is struggling with reviving its sluggish economy.

US economic growth slower than thought in first quarter

The US economy grew at an annualised 1.9% in the first three months of 2012, less than the 2.2% first

UK Construction Sector Slump Slightly

According to the recent figures, the construction sector in the UK fell by 6.3% in May, compared with the same

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Your e-mail address will not be published.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*