China’s upswing was driven in part by Beijing’s stimulus measures and a rush to export ahead of proposed tariffs by Trump, who returns to the White House in January
Manufacturing activity fell sharply across Europe last month and a further decline in demand dashed hopes for an imminent turnaround, whereas in China factories extended their recovery, surveys showed.
HCOB’s final euro zone manufacturing Purchasing Managers’ Index , compiled by S&P Global, sank to 45.2 in November, matching a preliminary estimate and further below the 50 mark separating growth from contraction.Manufacturing activity in Germany, Europe’s largest economy, remained firmly entrenched in contractionary territory while France saw the steepest decline in new orders since the first wave of the COVID-19 pandemic in 2020.
“The U.K. follows the weaker results also shown in the European PMI data, and shows that across both the U.K. and euro zone, manufacturers are really feeling the downturn,” said Cara Haffey at PwC.Asia’s largest manufacturing economies stepped up activity in November, with China’s factories extending their recovery, in part driven by Beijing’s stimulus and a rush to export, though weak patches in other parts of the region pointed to some challenges.
The improvement in China helped other Asian factory powerhouses such as South Korea and Taiwan, where activity also picked up.“Both new export orders in the official PMI and Caixin PMI suggest buyers were rushing to place orders. But the Chinese domestic demand was still weak as the official nonmanufacturing PMI was 50,” said Xing.
While analysts say more is still needed to sustain a sturdier recovery, there are signs this year’s measures have had some effect with retail spending and the property market stabilizing.
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