The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
Chinese manufacturing has been in the dumps for a long while. But that was supposed to be offset by a government-induced shift in the economy toward domestic consumption, which underpins Beijing’s optimistic outlook for growth this year.
from Morning Bid with David Gaffen:
After Asian markets stabilized in the global selloff, futures are on the back foot again as European shares weaken and investors once again get caught on the concerns about weakening economic figures around the world. The ISM figure, which came in poor on Monday, has also fanned fears – again – of a possible recession developing, one that would come at an inopportune time for the Fed, which has only recently started raising interest rates.
Our index climbed a little higher in November, but underlying data gave little cause for cheer. Exports and rail freight volumes tumbled, investment in residential property suffered the steepest fall since Breakingviews records began in 2008, and pollution hit a 13-month high.