November 26, 2012

Optimism Rises as China, EU & U.S. Tides Turn

Bill Jamieson, The Scotsman

AP Photo

What changed last week was that the outlook turned less negative. In China, the manufacturing purchasing managers index (PMI) for November rose from 49.5 to 50.4, the movement across the “boom-or-bust” line at 50, taken as a sign that China’s economy has turned a corner and is about to pick up speed. As Stephen Lewis, of Monument Securities puts it, these and other figures suggest Chinese gross domestic product (GDP) has established a new “normal” rate of growth of 7-8 per cent a year, rather more sedate than the 10 per cent which we came to take for granted.

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TAGGED: Germany, Eurozone, United States, UK, Europe, European Union, EU, China

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