Russian manufacturing records weakest growth in 11 months in June: PMI

Russian manufacturing records weakest growth in 11 months in June: PMI

The Nikkei India Manufacturing Purchasing Managers' Index (PMI), which is a composite indicator of manufacturing performance stood at a four-month low of 50.9 in June from the index reading of 51.6 reported in May 2017. The index considers any score above 50 to indicate an improvement in the sector, while numbers below signify a contraction.

June's official non-manufacturing PMI also improved to 54.9 from 54.5 in May, evidence of a better economic structure. However, rates of increase decelerated, as the growth of new business slowed in both the domestic and export markets, showed the data released by IHS Markit.

Spreadex Analyst, Connor Campbell noted "The thrust of the United Kingdom index's growth stemmed from the commodity sector, itself boosted by the latest 0.5% jump from Brent Crude, the black stuff now trading at $49 per barrel for the first time in around a month".

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Poland's manufacturing sector growth accelerated in June thanks to stronger rises in new orders and output, PMI index publisher Markit said on Monday. Of the 16 sub-sectors, 10 recorded growth in employment in the following order: computer & electronic products; plastics & rubber products; transportation equipment; appliances & components; paper products; petroleum & coal products; primary metal; fabricated metal products; textile, apparel, leather & footwear and food, beverage & tobacco products. "Apart from some orders from the United States and Western Europe, exports fared little better as a continuing weak, but stable pound began to lose some of its allure".

The strengthening economy is increasingly letting factories raise prices, welcome news for policymakers at the European Central Bank who have been battling for years to get inflation back to their 2 percent target ceiling. Overall, the level of confidence fell to a three-month low.

Sterling - which is around 13% lower than its pre-referendum level against the dollar - has been a key driver of the resurgence in the United Kingdom manufacturing sector since last June. China has been trying to shift its economy toward a growth model that draws strength from consumption, services and innovation.

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