India manufacturing PMI rises to 5 year high in December

India manufacturing PMI rises to 5 year high in December

"At 54.7 in December, the Nikkei India Manufacturing Purchasing Managers' Index (PMI) rose from 52.6 in November".

The nonmanufacturing index reading has remained above 54 in 2017 except in August.

The indicator is closely watched by investors as one of the first available monthly barometers of the health of the world's second-largest economy.

A reading above 50 indicates expansion, while below reflects contraction.

The growth spurt means many forecasters, notably the European Central Bank, have revised their euro area growth projections for 2018 higher, Chris Williamson, chief business economist at IHS Markit, said.

Outstanding business also declined for a seventh successive month in December, showing evidence of under-capacity in the manufacturing sector.

Both new export orders and overall new business received by manufacturers increased at the quickest clip in four months, according to the survey, which is sponsored by Caixin and compiled by global information and data analytics provider IHS Markit Ltd.

Bears likely ousting John Fox at end of season, report says
Receiver Adam Thielen can increase his 2018 salary escalator by another $250,000 with five catches to reach 90 for the season. TE Kyle Rudolph, bothered by an ankle injury the past three weeks, wore a walking boot in the locker room after the game.

Andrew Harker, associate director at IHS Markit, which compiles the survey, said "The Vietnamese manufacturing sector recorded a welcome return to growth of output in December, supported by a solid and accelerated increase in new orders".

However, full-year growth was still the fastest in three years at 3.5 percent, raising the possibility that the Monetary Authority of Singapore (MAS) could tighten its exchange rate-based monetary policy this year. Furthermore, the rate of growth quickened to the sharpest since October 2016.

The latest economic growth rate is a tick lower than the 6.9 percent growth in the previous three-month period.

"Industry in Việt Nam therefore looks to be in good shape heading into 2018", Andrew added.

Finally, optimism amongst panelists remained elevated during December. Concerns over relatively subdued client demand and government policy changes dampened confidence. The manufacturing PMI is seen rising to 56.5 in December from 56.1 in November.

Factory Purchasing Managers' survey from euro area and the United Kingdom are due on Tuesday, headlining a light day for the European economic news. The Caixin China General Services Business Activity Index will be published on Thursday.

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