GST impact: Manufacturing PMI contracts in July

China reports official manufacturing PMI for July

STR | AFP | Getty Images China reports official manufacturing PMI for July

Sterling hit its highest level in 10 months against the US dollar and British government bond prices fell after Tuesday's Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) rose to 55.1 from a downwardly revised 54.2 in June.

Indian factory activity plunged last month and had its deepest contraction in more than nine years after Prime Minister Narendra Modi's new tax policy severely hurt output and demand, a survey showed on Tuesday. Average input costs rose further amidst reports of a weaker currency driving prices for imported items higher. With cost pressures easing, manufacturers lowered their output prices again in July, for the third successive month.

The pound jumped to a 10-month high against the USA dollar after the publication of the report.

After a slowdown, the manufacturing industry made a good comeback in July 2017 and rose to 55.1, which was above what economists expected. Readings above 50 signal an improvement in business conditions on the previous month, while readings below 50 show deterioration. A number below 50 indicates contraction.

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Manufacturing activity in July slowed to 47.9, the lowest level since February 2009, according to the Nikkei Manufacturing Purchasing Managers' Index, due nearly entirely to the introduction of the Goods and Services Tax on July 1.

Chen Zhongtao, an analyst with the China Logistics Information Center, called the July reading a seasonal fluctuation.

The Caixin data came after an official survey showed slightly slower growth in manufacturing activity in July.

The level of new orders received by Dutch manufacturers increased for the 17th month in a row.

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"The German manufacturing sector finally gave up some momentum in July", said Markit economist Trevor Balchin.

High-tech and equipment manufacturing led the expansion in July, with their sub-indexes higher than the overall sector's PMI.

"This is still an encouragingly buoyant reading", said Chris Williamson at IHS Markit, compiler of the PMI surveys.

According to the Nikkei India Manufacturing PMI report, downturn was widespread across three broad areas of manufacturing, with intermediate goods producers being the worst affected.

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