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Markets surge as manufacturing picks up
Wed, 08 Feb, 2012
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Markets surge as manufacturing picks up
Wed, 1 Sep 2010, 16:49:00
Markets surged around the world as economic data reassured investors that the global economic recovery has not run out of steam. Manufacturing data from China, which is now the world's second largest economy by some measures, sent shares higher in Europe this morning. The east Asian economic powerhouse's official purchasing managers' index rose to 51.7 in August from a 17-month low of 51.2 in July. Sentiment was boosted further this afternoon by figures from the US Institute for Supply Management's factory index rose to 56.3 from 55.5 in July, against expectations of a decline. Elsewhere, Australia, which weathered the economic crisis well helped by its large mining sector, demonstrated its resilience with seasonally adjusted growth of 1.2% in the second quarter. The strong global figures sent share prices of mining stocks higher, even amid a backdrop of more lacklustre European manufacturing figures. The FTSE 100 closed with triple digit gains, as did the main indices in France and Germany. Orders for Britain's manufacturers fell to their lowest level for 14 months in August as the sector's strong growth in the first half of 2010 stalled. Overall, the Chartered Institute of Purchasing and Supply's purchasing managers manufacturers index fell to 54.3 in August from 56.9 in July. Activity throughout the eurozone cooled a little in August, though the overall reading still indicated a healthy picture overall. The Markit Eurozone Manufacturing Purchasing Managers' Index for August dropped to 55.1 from 56.7 in July but was better than the initial estimate of 55.0.
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