Nikkei India's services PMI rises 51.2 in August

German data showed that energy and food costs were the main drivers of inflation in August but that shouldn’t keep people away from the steins of beer at the Oktoberfest

German data showed that energy and food costs were the main drivers of inflation in August but that shouldn’t keep people away from the steins of beer at the Oktoberfest

The official Purchasing Managers' Index (PMI), which is released on Thursday, increased to 51.7 in the month of August from 51.4 in July, beating expectations for a slight decline.

As per a separate official data, Chinese services sector growth slowed to 53.4 in this month compared to 54.5 last month, the slowest pace of expansion since May a year ago, however, it is still beyond the reading of 50, a benchmark separating expansion from contraction.

Compared with the official PMI, the Caixin/Markit survey tends to focus more on small- and mid-sized manufacturers.

India's manufacturing sector returned to growth territory in August, reflecting a substantial turnaround from July's GST-related contraction, survey figures from IHS Markit showed Friday.

The data also suggested that manufacturers have hired extra staff at the fastest pace since March 2013.

China's factories have continued their rebound, with activity expanding at a faster than expected pace while new orders have hit a three-year high.

"Overall operating conditions of the manufacturing sector improved further as market demand strengthens, but if prices rise too quickly the profitability of companies in the middle of a supply chain may be under pressure", Caixin's chief economist Zhengsheng Zong said.

Forecasters expect China's economic growth to slow this year as bank lending controls aimed at slowing rising debt levels start to take hold.

Moody's said on Wednesday that surprisingly strong data in the first half of the year had prompted it to raise its 2017 growth forecast for China to 6.8 percent from 6.6 percent.

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