Indias services PMI drops to 4-year low due to GST
The Dollar Business Bureau India’s services sector activities declined in July to a four-year low due to the disruptions caused by the implementation of Goods and Services Tax (GST), according to a private survey. However, the sector is confident of a speedy revival as the new indirect tax regime settle down. The Nikkei India Services PMI Business Activity Index dropped from the eight-month high of 53.1 in June to 45.9 in July, the lowest since September 2013. A reading over the level of 50 on the index indicates expansion whereas a reading below the halfway level shows contraction. “PMI data for July highlight a reversal in fortunes across India, with the economy going into reverse mode after seeing a pickup in ...
Nikkei PMI has positive news for Indian manufacturing and services
By Abin Daya It just might be that things are slowly falling in place for the Indian economy. The Nikkei Purchasing Manager’s Index for Manufacturing and Services has positive news, both in performance and sentiments. What we now need is better capacity utilisation leading to improvement in private investment. A good monsoon this year should create that. Some indication of that is also seen in the performance of the infrastructure industries during the month of March. Performance improved from 1% growth in Feb, to 5% growth in Mar, though it was far from the 9.3% growth achieved a year back. While growth for the full year improved from the previous FY, the fertiliser industry seems to have been badly affected. One topic that ...
Japan leads global stocks higher after stimulus move
Source : PTI Japan led global stock markets higher on Friday after its central bank introduced a negative interest rate policy in the latest move to overcome malaise in the third-biggest economy. The yen dived against the dollar and the euro. Britain's FTSE 100 rose 1.2% to 6,004.94 and France's CAC 40 advanced 1.4% to 4,382.73. Germany's DAX climbed 1.3% to 9,763.69. Futures indicated that Wall Street was set to extend gains. Dow futures added 1% and S&P 500 futures climbed 1.1%. The Bank of Japan said it is imposing a 0.1% fee on some deposits left with the central bank, effectively a negative interest rate. It hopes that will encourage commercial banks to lend more, rather than keeping cash at the ...
New export orders spur Indias manufacturing sector in July: Survey
The Dollar Business Bureau Increasing number of fresh export orders have led to a robust growth in India’s manufacturing sector in the past six months, a market survey said. The country’s manufacturing purchasing managers’ index (PMI)—a performance indicator of manufacturing sector—has reached 52.7%, the highest in six months, the latest Nikkei survey said. The index was 51.3% in June. The figure below 50 indicates contraction in business activity. The report said that growth of new export business accelerated in July and was the “most pronounced in five months”. A majority of respondents of the survey reported to have secured new contracts in tandem with successful price negotiations with clients. “Growth in India’s manufacturing economy rebounded in July, with the PMI rising since ...
