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Unexpected slowdown in the global industrial activities as PMI fall
Thursday, 22 March 2012Preliminary purchasing managers' index for March shows unexpected declines in industrial operation in China and the EMU. The Chinese index fell for the fifth consecutive month as the in France and Germany which in these cases was steep.
The global industrial activates saw a sharp deteriorated sharply in March, judging from the preliminary purchasing managers’ index for the manufacturing industry, which was presented on Thursday.
During the night the HSBC's index of China fell to 48.1 from 49.6 in February.
"Weaker domestic demand continued to weigh on growth, as indicated by the slowdown in new orders fell to their lowest level in four months, "wrote Qu Hongbin, chief economist for China at HSBC, in a statement.
He also notes that the sub-index of employment was the lowest since 2009, and speculates that there may be new relaxation from Beijing.
Also in the Europe's heavyweights, there was a drop in the preliminary indices. The French index fell to 47.6 from 50.0 in February. It was expected to rise to 50.2, according to Bloomberg. In Germany, the index fell to 48.1 from 50.2. It was expected a rise to 51.0. The sub-index for new orders, as a good forward-looking indicator, fell in Germany to 46.2 from 48.1.
Purchasing managers' indices are constructed so that the numbers above 50 would indicate growth figures. The preliminary figure before the EMU fell to 47.7 from 49.0, instead of the expected rise to 49.5.
The preliminary index in the services sector was holding up better, but slips were still greeted with sad faces. Most exchanges recorded at 10 o'clock showed that they backed down somewhat and interest rates were generally down.
By Scancomark.se Team
