China August official services PMI slips to 53.4, lowest since May 2016

China official Manufacturing and Non-manufacturing PMIs(August) coming up today - preview

A measure of factory output rose to 56.9 from a revised 55.3 in July, according to IHS Markit's Purchasing Managers' Index.

The manufacturing sector in China continued to expand in August, and at a faster rate, the latest survey from Caixin revealed on Friday with a manufacturing PMI score of 51.6.

"Today's data confirm that United Kingdom manufacturers are looking beyond the Brexit negotiations to strengthening market opportunities in Europe and beyond, with the acceleration in manufacturing activity in August helping to provide some welcome offset to sluggish consumer demand at home", added Ms Lee Hopley, chief economist at EEF, the manufacturers' organisation.

The rate of growth was little changed from July's five-month high.

The index is based on a 100-point scale on which numbers above 50 indicate expansion. Demand from overseas also lagged, with new export orders slipping to 50.9 from 52.7.

Mr Dobson said it looked likely that manufacturing would keep up its growth in the near term because the pick-up was being felt across the sector and among small and large firms alike.

"Indeed, investment growth has cooled recently and we anticipate a further slowdown as the impact of tighter monetary conditions continue to feed through".

A day earlier ratings agency Moody's adjusted China's 2017 growth expectation to 6.8 percent based on the first and second quarter - which both came in at 6.9 percent. Purchase price inflation accelerated for the first time in seven months during August.

Greece's jobless rate stood at 21.7 percent in May, the highest in the euro zone.

On the price front, input price remained solid, despite easing from July. The survey of more than 600 industrial companies found potential raw material and staff shortages could lie ahead, which would hit the pace of production in future and lead to higher costs.

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