Dutch manufacturing expands at fastest rate in six years in July - PMI

An employee assembles medium voltage switchgears inside the plant of Schneider Electric Infrastructure on the outskirts of Vadodara in Gujarat File

An employee assembles medium voltage switchgears inside the plant of Schneider Electric Infrastructure on the outskirts of Vadodara in Gujarat File

Meanwhile, on a regional level, the survey highlighted that the headline Nikkei ASEAN Manufacturing PMI slipped to 49.3 in July from 50.0 in June, marking the first deterioration in the health of the sector so far this year. Earlier this month, official figures showed growth held steady at 6.9 per cent in the most recent quarter despite tighter lending controls aimed at taming surging debt levels.

The sharp fall in PMI implies that the manufacturing sector in the country still remains in the doldrums and needs more time than expected to improve. Input costs increased led by higher import prices that were driven by a weaker currency.

Figures released by the the Office for National Statistics last week recorded a 0.5% drop in manufacturing output in the three months to June, largely blamed on a fall in auto production as factories readied themselves for new models.

Scott Bowman at Capital Economics was more positive, feeling the PMI suggested growth in the sector has accelerated after the disappointing performance in the second quarter, with the three-month average of the survey's output balance consistent with a quarterly gain in manufacturing output of nearly 1% - well above the 0.5% contraction reported in the first estimate of Q2 GDP. Inventories of finished goods have dropped in each month since January 2015, with July's contraction marked and similar to June.

The official PMI samples 3,000 manufacturing enterprises in China.

Soweto Derby: Two dead in FNB stadium stampede
While Sun was unable to confirm the number of those injured, or the extent of their injuries, he says they are being treated at the scene.

PMI has stayed between 51 and 52 over the past seven months, and the July reading was basically consistent with the average of the first half of the year, said NBS senior statistician Zhao Qinghe.

"The shift between the old and new momentum of growth is accelerating", Chen commented.

The reading for the manufacturing industry had previously fallen from its April high to reach 54.2 in June. Prior to that, it had expanded for ten consecutive months.

It predicted no changes to China's monetary policy stance, which has been set as prudent and neutral for 2017.

Analysts at Capital Economics said the PMI data indicated the sector started the third quarter growing at a quarterly pace of 1pc.

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