Asian giants signal modest recovery
BEIJING/SEOUL - Reuters
A laborer works at Sany Heavy Industry plant near Shanghai. REUTERS photoBig Asian economies are slowly picking up after a year spent battling against global headwinds, according to business surveys and data released yesterday that showed renewed vim from China’s factory sector and a rebound in South Korean exports.
India, hammered as much by internal politics as the global downturn, also showed signs of a modest revival in manufacturing in a survey released yesterday.
“Overall sentiment is brightening and Chinese orders are suggesting a moderate recovery,” said Hirokazu Yuihama, a senior strategist at Daiwa Securities in Tokyo.
China’s official manufacturing purchasing managers’ index (PMI) rose to 50.2 from 49.8 in September, suggesting an acceleration of output that will help lift fourth-quarter GDP growth above the 7.4 percent annual rate recorded in the third quarter.
Also yesterday, the final reading of the Chinese HSBC PMI rose to 49.5 in October from 47.9 in September.
South Korea, another of Asia’s manufacturing powerhouses, posted the first annual rise in exports in four months in October, adding to hopes for a turnaround after a year-long slump in global trade.