United Kingdom factory output 'falls at fastest pace for seven years'

Turkey Manufacturing index hits 13-month high in Aug

Among the 21 industries surveyed, 17 were in the expansion zone, up from 12 in July, and 11 recorded month-on-month PMI increases. China reciprocated with new duties on US crude oil, increasing fears of a global economic slowdown. Manufacturing accounts for 10% of British economic output.

The Caixin China General Services Business Activity Index for August, which tracks the growing services sector, will be released on Wednesday.

"Optimism for the year ahead is now at its highest since late-2013, and it's especially good to see firms taking on more staff to meet the improved outlook and reporting new product launches to help drive revenues", he said in a statement accompanying the report. Director of Macroeconomic Analysis at CEBM Group said "The Caixin China General Manufacturing PMI stood at 50.4 in August, up from 49.9 in the previous month, showing an improvement in the manufacturing sector".

The survey comes after official figures showed India's economy grew at an annual rate of 5 per cent last quarter, its slowest in more than six years and significantly weaker than 5.7 per cent in a Reuters poll. A reading of 50 divides expansion from contraction.

The "simply shocking" manufacturing PMI came in at 47.4 in August, down from a reading of 48 in July and below analyst expectations.

More news: Germany: Merkel’s party rules out working with far right

China's manufacturing activity fell again in August, but its industrial upgrades continue to keep pace as the country strives to shift its economy's focus to highly productive industries.

Subdued domestic demand, weak output and increased cost pressures weighed on business momentum. The headline Manufacturing PMI remained in the contraction region with 49.5 mark versus 49.7 expected and prior whereas Non-Manufacturing PMI crossed 53.6 forecast to 53.8. At the same time, sentiment regarding the 12-month outlook for output softened to a level that was among the lowest in the series history, with optimism dampened by worries over the future trading relationship of China and the U.S., as well as signs of weaker global conditions.

"The US-China trade war is escalating and we're also seeing tensions heighten between Washington and Europe", which could cause the global economy to falter, said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. Readings below 50 signal a shrinking of factory activity.

The bleak data strengthened the case for additional policy easing by South Korea's central bank, following a surprise interest rate cut in July.

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