South Korea August factory activity slumps to one-year low, export orders fall: PMI
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Hyundai Motor's sedans are assembled at a factory of the carmaker in Asan, about 100 km (62 miles) south of Seoul, January 22, 2013. REUTERS/Lee Jae-Won
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
SEOUL, (Reuters) - - South Korea's manufacturing activity contracted at its fastest pace in a year in August as production and export orders declined sharply, a private survey showed on Thursday, suggesting the economic recovery remains fragile.
The Nikkei/Markit South Korea purchasing managers' index (PMI) fell to 48.6 in August on a seasonally adjusted basis from a revised 50.1 in July, IHS Markit said in a statement.
It was the lowest index level since 47.9 in August last year.
A sub-index showed that new export orders declined the most this year amid stubbornly weak global demand, falling to 48.6 from 51.4 in July. A reduction in trade volumes with China, Germany and Iraq contributed to the decline, according to the survey.
That helped push output readings to a six-month low.
South Korea's exports have been falling since January 2015, stifling a recovery in Asia's fourth-largest economy, which generates about half of its gross domestic product from overseas sales.
The government expects global trade to improve in the second half of the year and lift shipments, although low growth in Europe and China's slowing economy are seen crimping export earnings.
Markit is a registered trade mark of IHS Markit Limited.
(Reporting by Cynthia Kim; Editing by Shri Navaratnam)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ocean Power Technologies (OPTT) Reports Q2 Loss of $0.25/Share
- General Electric (GE) Raises Quarterly Dividend 4.3% to $.24; 3.1% Yield
- Steelcase (SCS) Reports Preliminary Q3 EPS In-Line with Views, Revs Light
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!