Irish manufacturing growth ends 2017 at record high

Irish manufacturing growth ends 2017 at record high

The IHS Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) dropped to 56.3 from 58.2 in November, at the bottom end of forecasts in a Reuters poll of economists that had pointed to a reading of 58.0.

This is for the fifth consecutive month that the index has come in above 50-point mark that separates expansion from contraction. The December figure was the highest reading since August.

Strong business performance was underpinned by the fastest expansions in output and new orders since December 2012 and October 2016 respectively.

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

The World Bank last month raised its projection for China's gross domestic product (GDP) past year to 6.8%, up from its October estimate of 6.7%, citing support from strong exports and robust domestic household consumption.

"The outlook is also reasonably bright, with over 50 percent of companies expecting production to be higher one year from now".

Sensex, Nifty rally; TCS, Tata Motors gain
The US stocks turned choppy during the trading session on Thursday, while the Dow reached a new record closing high. In four days, shares of the company have zoomed 122 percent adding Rs 5,506.76 crore to its market capitalisation.

Overall business confidence rose and reached an eight-month high. The modest increase in output in December followed broadly unchanged production volumes in November.

China's GDP, a measure of economic growth, rose by 6.8% year-on-year from July to September, slowing from a 6.9% pace in the first and second quarters.

The moderate decline in headline PMI was mainly attributable to the lower inventory, while production growth remained solid despite the "unfavorable working day effect", as there were two fewer working days in December 2017 compared with previous year, said a CICC research report. PMI for the high-tech sector picked up further to 53.8 in December from 53.2 in November, NBS data showed.

Qu Qing, an analyst at Hua Chuang Securities, said the construction sector has helped bolster the index, indicating that infrastructure investment remains stable, which will help boost overall economic growth in 2018.

On the price front, Dodhia said July's Goods and Services Tax (GST) continued to lead to greater raw material costs, with input cost inflation accelerating to the sharpest since April.

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