India, China lead the way as Asia shapes global recovery
China and India are helping Asia lead the recovery from the global economic slump. China’s manufacturing grew last month at
the fastest pace in five years, a survey showed, even as India’s exports declined the least this year and manufacturing output gained for an eighth month.
The purchasing managers’ index for China released by HSBC Holdings rose to a seasonally adjusted 55.7 from 55.4. Beijing’s PMI, also published on Tuesday, held at an 18-month high. The PMI for India showed a November reading of more than 50, which indicates a gain in factory production. Merchandise shipments dropped 6.6 percent in October from a year earlier after sliding 13.8 percent in September, the Indian commerce ministry said in a statement.
Also, South Korea said its exports gained for the first time in 13 months. Growth in Asia is helping the rest of the world. euro-region manufacturing expanded more than economists originally estimated in November and German unemployment unexpectedly dropped, separate reports showed on Tuesday.
Category: Finance
