China's Manufacturing PMI Hits Three-Year High

Ibeth Rivero

China sees expansion in various manufacturing sectors; time is running out for a Brexit deal.

ChinaChina's Federation of Logistics and Purchasing recently reported that the official non-manufacturing PMI for November stood at 56.4, signaling an expansion of the non-manufacturing sector. The reading is higher than the previous month's reading of 56.2, and higher than expectations of 52.1.

The expansion of the services sector is linked to a surge in the financial, telecommunications, satellite transmission services and railway sectors, among others.

The manufacturing PMI was at 52.1, signaling an expansion of the sector, after being at 51.4 in October and surpassing expectations of 51.5. This is its fastest pace in three years.

This expansion is being boosted mainly by an increase in foreign demand for electronic products and medical supplies, as well as an increase in internal consumer demand as e-commerce shopping promotions surged.

“The rise in November manufacturing PMI, with broad-based improvements across the sub-indices, suggests the recovery momentum in the industrial sector has become more certain,” reported an analyst at China's Federation of Logistics and Purchasing.

Britain's Environment Secretary: Time is Running Out for a Brexit Trade Deal

British Environment Secretary George Eustice said that time is running out for a Brexit trade deal.

“We really are now running out of time, this is the crucial week, we need to get a breakthrough,” he told a news outlet, “I really do think we are now into the final week or 10 days. Of course, if great progress were made this week and you’re nearly there, it’s always possible to extend those negotiations,” he added.

Eustice highlighted that negotiations are continuing because there are still hopes for reaching an agreement. Both the UK and the European Union still disagree over key parts of the Brexit deal, which is alarming, given that the United Kingdom is expected to leave the European Union by January 1, 2021.

By 9:05 GMT, the pound sterling gained 0.15 percent against the US dollar, hitting the 1.3333 level.

Ibeth Rivero

Ibeth contributes daily market commentary in both English and Spanish (both of which she speaks fluently) and she also manages the DailyForex mobile app to ensure that traders around the world are getting important market updates in real time.

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