India Manufacturing Growth At 5-Month Low

European Open Preview: Equities soften as China retaliates; US ISM manufacturing PMI pending

European Open Preview: Equities soften as China retaliates; US ISM manufacturing PMI pending

The Nikkei India Manufacturing Purchasing Managers' Index, or PMI, fell to 51.0 in March from 52.1 in February.

The Markit/Cips UK manufacturing PMI barometer of factory sentiment showed activity jumped to 55.1 from 55 in February, beating economists' forecasts for a fall in the growth rate.

The institute attributed the PMI reading to faster growth in factory output, as well as higher new orders and new exports.

"There was some respite for companies on the inflation front, with input costs increasing at a much slower pace than was seen in February".

"Although continuing in the growth territory in March, the Vietnamese manufacturing sector saw a softer expansion, particularly with regard to output". During the first two months of the year, construction spending increased 4.4% from the same time a year earlier.

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A higher rating means that it is expected to improve, while a PMI rating below 50 indicates that many think it will deteriorate.

Rob Dobson, director at IHS Markit, said: "The latest PMI survey provided further evidence that United Kingdom manufacturing has entered a softer growth phase so far this year". However, raw material shortages across the supply chain made the average vendor performance deteriorate in March (but at a modest rate overall). March 2018 marked an eighteenth month of expanding or stable conditions for the Australian PMI® and the longest run of continuous expansion since 2005.

Manufacturing output growth had remained steadily above 1% towards the end of past year but may have fallen to about 0.5%, according to economists. There were also signs that capacity constraints deriving from the recent growth spurt were impacting on production growth in March. The peso's depreciation against the USA dollar didn't help matters either. One currency strategist had said that the predictions for the manufacturing sector survey was especially hard given the poor weather conditions in the area during that survey's timeframe. However, the degree to which output rose was modest and the weakest since October.

As has been the case since last November, Indian manufacturers raised their purchasing activity.

"The poor weather (that straddled late February/early March) may make the data more than usually hard to interpret", said Adam Cole, chief currencies strategist at RBC.

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