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BEIJING/BANGALORE (Reuters) - New factory orders for Asia's manufacturing
powerhouses perked up in February, easing some concerns about the
global economic slowdown, purchasing managers indexes showed on
Thursday.
China's factories grew more than expected in February as new export orders
for big firms bounced back, according to a government purchasing
managers index (PMI). The official PMI rose to 51.0, above expectations
of 50.7 and higher than 50.5 in January.Air Jordan Classic
Private sector PMIs on Thursday pointed to some improvements in factory activity in China, India and Taiwan, although in China it also showed smaller companies lagging a rebound at larger companies.
HSBC's
China PMI stood at 49.6, a shade higher than January's reading of 48.8,
but still under the 50-point threshold demarcating expansion from
contraction.
The manufacturing
surveys, the first leads on factory activity in the region, offered
tentative signs of a recovery from the slump in the final months of 2011
caused by faltering external demand and fragile business and consumer
sentiment. However, the economic picture was far from complete.
"We're in that
familiar period where business conditions indicators are improving while
the hard data is yet to reflect that," said Robert Prior-Wandesforde,
economist at Credit Suisse in Singapore.Air Jordan 13 For Sale
Coming barely hours
after Federal Reserve Chairman Ben Bernanke's testimony offered a
tempered view of the U.S. economy, the PMIs provided markets with some
respite. The Australian dollar rallied, aided by robust domestic
economic data, as did stock markets in Asia.
Data due later on
Thursday is expected to show the euro zone's factory activity contracted
in February for a seventh straight month. A similar report on U.S.
factory activity is expected to show manufacturing picked up in
February.
Other PMIs released
showed Spanish factories contracting for the tenth straight month,
Poland on the dividing mark of 50, and growth in Russia moderating.
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China PMI chart: http://link.reuters.com/feh86s
Asia PMIs graphic: http://link.reuters.com/maz35s
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The HSBC PMI
for Taiwan, one of Asia's most open economies which sits at the centre
of many global technology chains, was starkly optimistic. The index rose
to 52.7, marking the first expansion in factory output since May 2011,
led by export orders.Jordan 2011
India's
manufacturing sector expansion eased back from its strongest pace in
eight months for a PMI of 56.6 in February compared with 57.5 in
January. However, new orders touched a 10-month high.
Like in many
countries though, official Indian data doesn't paint such a rosy
picture. Growth in gross domestic product dropped to its slowest pace in
nearly 3 years in the final quarter of 2011, with manufacturing and
mining at the fore of the slowdown, figures showed on Wednesday.
South Korean data on
Thursday showed exports for January and February combined grew just 6.8
percent, weak enough to underscore grim prospects for demand from
debt-ridden Europe and the anemic nature of U.S. orders.
DIVERGENCES
The global economy has been difficult to read so far
this year. Business sentiment indicators have improved, even if some
PMIs have suggested continued contraction in activity.Jordan 11 FusionAir Max
Corporate earnings and forecasts have been a mixed bag.
The world's largest heavy machinery maker, Caterpillar Inc , said on Wednesday it expects record sales and profit this year as economic activity in China and the United States picks up.Jordan 13 Air Max Women
"In 2012 we're going to have another year of record
sales and profit," Chief Executive Doug Oberhelman said, adding he sees
revenue rising between 10 and 20 percent this year.
That said, some of Asia's big exporters have seen a
slow start to 2012. Taiwan's UMC <2303.TW>, the world's No.2
contract chipmaker, saw January sales fall 15.5 percent from a year
earlier. Acer Inc <2353.TW>, the world's No.4 PC vendor by sales,
reported an 18.5 percent drop in January sales from a year earlier.
"Our base case is that while growth is unlikely to
charge ahead in the coming months, we have hit a bottom in the business
cycle," analysts at RBS said in a note.Kids Air Jordan 4
The dual PMI surveys for China also revealed a
divergence in export orders, with the government's new export orders
sub-index rising to 51.1 in February, the first expansion in four months
and the highest reading since May 2011.
But the HSBC PMI export sub-index slid to an eight-month trough of 47.5, suggesting orders were shrinking.
It is not uncommon for the two to diverge. They use
differing survey samples and the government survey is only partially
seasonally adjusted -- a vital distinction given the Chinese Lunar New
Year holiday disruption to production cycles at the start of this year.Jordan 2 Fusion
"In the past six
years, the month after Chinese New Year always saw a rise of PMI
readings. Therefore, PMI data in January and February should be taken
with a grain of salt," Ting Lu, China economist with Bank of
America/Merrill Lynch in Hong Kong wrote in a note to clients.
China's economy
posted its weakest growth in 2-1/2 years in the December quarter. Growth
for 2012 is widely expected to the weakest in a decade.Jordan 3 Fusion
The twin data sets
suggest the vast Chinese factory sector is slowly edging out of a trough
and a hard economic landing can be avoided. However, that has yet to be
secured, signaling to analysts that it is too early to think the
government will ease back from providing the economy with modest
support.
"Deteriorating
external demand is adding more downside risks to growth in the absence
of a strong comeback in domestic demand," said Qu Hongbin, HSBC's China
economist.Jordan 13 Air Max Women
"We expect the People's Bank of China to step up policy easing efforts as inflation pressures recede."Air Jordan Retro 13 Kids' Basketball Shoe
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