Chinese firms have been hit by a drop in exports orders, suggesting weakening demand from overseas as the crucial Christmas goods shipment period gets underway.
The latest survey of China’s manufacturers, from Caixin, released this morning shows that export orders were “subdued” last month, falling marginally for the first time this year amid reports of deteriorating external conditions.
The survey, which tracks small and medium-sized firms, also suggests that conditions in China’s manufacturing sector improved in August. Price pressures eased as some factories benefitted from lower raw material costs, and confidence levels rose to a three-month high. This lifted the Caixin/S&P Global manufacturing purchasing managers’ index (PMI) up to 50.4 in August, from 49.8 in July, and above the 50-point mark showing stagnation.
Dr Wang Zhe, senior economist at CaixinInsightGroup, says: 'Demand picked up as total new orders resumed growth, with stronger demand for intermediate goods. Exports declined for the first time in eight months, dragged particularly by weakening demand for consumer products, pushing the corresponding indicator to the lowest since November.'
So, a mixed picture. As was China’s official PMI, released by the National Bureau of Statistics on Saturday. It found that China’s manufacturing activity sank to a six-month low in August as factory gate prices tumbled and owners struggled for orders. The NBS’s purchasing managers’ index slipped to 49.1 from 49.4 in July, its sixth straight decline in a row.
We’ll find out this morning how UK and eurozone factories perfomed last month.
Rupert Murdoch’s property listings company is considering a swoop on UK housing portal Rightmove.
Australia’s REAGroup, which is majority-owned by News Corp, says it sees an opportunity to create a 'global and diversified digital property company' by acquiring Rightmove.
It is considering a possible cash and share offer for Rightmove, the FTSE-listed company, which was valued at around £4.34bn on Friday night.
REA told the City this morning: 'REA has a long history of growth and has demonstrated a track record of building businesses over decades to create globally leading platforms that have transformed the way people experience property.
'With an acquisition of Rightmove, REA would look to enhance the UK property experience for buyers, sellers and renters, supporting Rightmove’s vision to give everyone the belief they can make their move while positively contributing to the property market ecosystem with investment and innovation. month.'
Shares in REAGroup have fallen by 5.5% on the Australian stock market today, as traders react to its interest in Rightmove.
The agenda • 9am BST: Eurozone manufacturing PMI for August • 9.30am BST: UK manufacturing PMI for August • 11am BST: Ireland’s GDP and GNP report for Q2 2024
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