Fri, Dec 01, 2017 - Page 10 News List

World Business Quick Take

Agencies

CHINA

Manufacturing activity rises

Manufacturing activity accelerated last month, a survey showed yesterday. The China Federation of Logistics and Purchasing said its purchasing managers index rose to 52.4 from October’s 51.6 on a 100-point scale, on which numbers above 50 show activity accelerating. Components of the survey, which measure imports, exports and new orders, all improved, while employment indicators fell to the lowest level in a year. Manufacturing activity is likely to slow despite the latest positive indicators, Capital Economics Ltd economist Julian Evans-Pritchard said.

JAPAN

Factory output edges up

Factory output edged up in October, government data showed yesterday. Factory output rose 0.5 percent month-on-month in October, the industry ministry said, following a 1.0 percent drop in September. However, the increase was below market expectations of a 1.8 percent rise, as falls in the production of electronic devices and petroleum products offset gains in electrical machinery and transport equipment.

SWITZERLAND

Economic growth quickens

Economic expansion accelerated in the third quarter, growing at the fastest pace since late 2014 when the central bank still had a currency cap in place. GDP rose 0.6 percent in the three months through September after a revised 0.4 percent in the previous quarter, the State Secretariat for International Economic Affairs said yesterday. Consumption by Swiss private households rose 0.4 percent, while government demand increased 0.5 percent and investment in equipment grew 0.9 percent in the third quarter.

DENMARK

Growth revised downward

The economy shrank more than analysts feared last quarter, with preliminary numbers suggesting the country suffered its worst contraction since 2011. GDP fell 0.6 percent in the third quarter from the previous three-month period, Statistics Denmark said yesterday. Quarterly growth in the second quarter was revised down to 0.6 percent from 0.7 percent, the statistics office said. Exports fell 1 percent in the quarter, while private consumption declined 0.6 percent, led by a slump in vehicle purchases. Gross investments fell 2.1 percent, the office said.

UNITED STATES

Business boasts optimism

The economy grew at a modest to moderate pace through the middle of last month as price pressures strengthened and the labor market tightened, a Federal Reserve survey showed. The central bank’s Beige Book report, based on anecdotal information collected by the 12 regional Fed banks through Nov. 17, said business contacts reported a brightening view as they look ahead. The data followed a Department of Commerce report released on Wednesday, showing that the economy expanded at a 3.3 percent annualized pace in the third quarter.

FOREIGN TRADE

IMF projects 4.2% increase

The IMF is projecting that the volume of trade in goods and services will have climbed 4.2 percent during this year, up from 2.4 percent last year. That would be the first time that trade has outpaced output growth since 2014 and harks back to the pre-crisis days when such outperformance was a regular occurrence. “The global economy appears set to remain in good shape next year as the broad-based economic strength seen this year carries over,” Oxford Economics said.

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