Operating conditions in global manufacturing industry improved for the fifth successive month in November, although there was an evident slowdown in the overall rate of expansion, with differences between countries accentuating and not diminishing. The JPMorgan Global Manufacturing PMI aggregate reading came in at 53.6, down from October's 39-month high of 54.4, and signalling that the first wave of post crisis momentum may be losing force as governments slowly start to remove stimulus measures.br /br /br /pa href="http://3.bp.blogspot.com/_ngczZkrw340/SxgGb8AB1tI/AAAAAAAAPqo/6384WfsW-94/s1600-h/JPMorgan+Global.png"img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 400px; DISPLAY: block; HEIGHT: 225px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5411082029318133458" border="0" alt="" src="http://3.bp.blogspot.com/_ngczZkrw340/SxgGb8AB1tI/AAAAAAAAPqo/6384WfsW-94/s400/JPMorgan+Global.png" //abr /br /Also notable in this month's survey was the unevenness of the expansion which was registered, with some emerging economies - like China and Brazil - continuing to experience a solid expansion, others - like India, Turkey and Russia, showed some slowing in activity. South Africa returned to expansion for the first time ...

by Edward Hugh: Barcelonabr /br /The performance of the worldwide manufacturing sector remained very weak in February. Although the JPMorgan Global Manufacturing PMI rose further from December's record low, at 35.8 it was still well below the critical no-change mark of 50.0. Rates of decline eased for production and new orders, but accelerated to reach a new survey record for employment.br /blockquote"The PMI edged higher for a second successive month in February. The data are still pointing to marked declines in output and new orders, but the gains in these indexes indicate that the rate of contraction has begun to ease in global industry. Production cuts are likely to remain deep near-term while companies reduce inventory." David Hensley, Director of Global Economics Coordination at JPMorgan/blockquotebr /br /a href="http://3.bp.blogspot.com/_ngczZkrw340/SaweWTZ7AnI/AAAAAAAAM4E/mTNmx1ft-QM/s1600-h/global+pmi.png"img id="BLOGGER_PHOTO_ID_5308651429277926002" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 400px; CURSOR: hand; HEIGHT: 228px; TEXT-ALIGN: center" alt="" src="http://3.bp.blogspot.com/_ngczZkrw340/SaweWTZ7AnI/AAAAAAAAM4E/mTNmx1ft-QM/s400/global+pmi.png" border="0" //abr /br /Employment declined ...

by Edward Hugh: BarcelonaIndian inflation fell back again in the last week of October, as energy and commodity prices continued to fall, and the impact of the global financial turmoil and credit crunch ricocheted its way across one country after another. The IMF last week forecast annual growth for India of 6.3% in 2008 while India's manufacturing expansion, which continued to weaken, still held out against the global trend, according to the latest JPMorgan global manufacturing PMI.So, as we enter November, and a number of Indian indicators start to improve, it is certainly worth asking ourselves, has India turned the corner? Will India lead the emerging markets charge during the next global expansion?I am not, I am sure, alone in feeling that this is a distinct possibility, and, indeed, a similar view was expressed only last week by Sharmila Whelan, senior economist at CLSA ...

Indian inflation fell back again in the last week of October, as energy and commodity prices continued to fall, and the impact of the global financial turmoil and credit crunch ricocheted its way across one country after another. The IMF last week forecast annual growth for India of 6.3% in 2008 while India’s manufacturing expansion, which continued to weaken, still held out against the global trend, according to the latest JPMorgan global manufacturing PMI.

So, as we enter November, and a number of Indian indicators start to improve, it is certainly worth asking ourselves, has India turned the corner? Will India lead the emerging markets charge during the next global expansion?

I am not, I am sure, alone in feeling that this is a distinct possibility, and, indeed, a similar view was expressed only last week by Sharmila Whelan, senior economist at CLSA Asia-Pacific Markets.

“We do expect the Indian business cycle to

...

Indian inflation slowed back again in the last week of October, as the impact of the global financial turmoil and credit crunch continued to ricochet from one country after another. The IMF forecast annual growth for India of 6.3% in 2008 while India manufacturing expansion, while continuing to weaken, holds out against the trend. As we enter November, and a number of indicators start to improve it is certainly worth asking ourselves, has India turned the corner? Will India lead the emerging markets charge during the next global expansion?I am not, I am sure, alone in feeling this, and a similar view was expressed during the last week by Sharmila Whelan, senior economist at CLSA Asia-Pacific Markets.``We do expect the Indian business cycle to be the first to bottom in Asia. And, it should, in theory, be first to emerge,'' Sharmila Whelan, senior economist at CLSA, ...

Hungarian manufacturing continued to contract in October following a shocking performance in September, while exports drop sharply in the midst of a looming global manufacturing recession. All of which indicates that the real economy impacts of the recent financial turbulence is now about to make its presence felt. I think we are in for a real shocker in Hungary. October PMI Down Hungary's manufacturing industry contracted sharply in October, according to the latest PMI reading, which fell 5.2 points to hit 44.7 in October - a historic low, and 0.8 points below the previous worst reading registered in October 1998, according to the latest data from the Hungarian Association of Logistics, Purchasing and Inventory Management (HALPIM). Sharp Industrial Output Contraction In September Hungarian industrial production dropped the most in more than 16 years in September as the global financial crisis hit the economy and slowing growth in western Europe curbed demand for exports. Production ...

by Edward Hugh: BarcelonaSpain's manufacturing sector continued to shrink at a record pace in October, with both output and new orders contracting and employers shedding jobs at a near record pace, according to the latest Markit Economics Purchasing Managers Index published yesterday (Monday). The Markit PMI for Spain dropped to 34.6 in October, the lowest reading registered by any eurozone economy since the series began in February 1998 and down from the already rapid 38.3 point contraction in September. On the PMI system any figure below 50.0 shows contraction while figures over 50.0 show growth. As we can see, according to this indicator Spanish manufacturing has now been weakening steadily since the start of 2006.Manufacturers reduced their workforce as production requirements fell, with staffing levels declining at the steepest pace in the survey's history. The ...

The French manufacturing purchasing managers index was revised down to a series low 40.6 in October, down from both the 'flash' estimate of 40.8 and September's 43.0 figure, Markit Economics said in a press release issued on Monday.Disaggregating the figures, the output component fell to an all-time low of 37.8 from September's 41.7 level, while new orders slipped all the way to a series low of 34.9 for the month, down 2.6 points from September's 37.5 level. Purchase quantities and new export orders also saw some new record lows in October, falling to 33.7 and 38.5 respectively.Panelists widely reported that a weak economic climate, poor business confidence and slowing consumer spending had taken their toll on demand, with incoming new orders falling at the fastest pace registered by the survey to date in October. Weakness was ...

Germany's manufacturing sector contracted in October at the fastest pace in seven years as incoming orders and output experienced their sharpest declines in more than 12 years. The headline index in the Markit Purchasing Managers Index (PMI) for Europe's biggest economy fell in October to 42.9 from 47.4 the previous month, well below the 50 mark that separates growth from contraction.

The latest figure was the worst since the month following the Sept. 11, 2001 attacks in the United States, and also below the flash PMI reading for October of 43.3.

"The data underlined the considerable extent to which the global financial crisis has affected German manufacturing, with output and new orders both falling at the steepest rates since the survey began in April 1996," Markit said. "The investment goods sector was particularly hard hit in October, as difficult

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