Monday, December 2, 2013

China Manufacturing Grows;McIlroy Thwarts Scott

Both government and private purchasing manager surveys show Chinese manufacturers did somewhat better than expected in November.The official PMI reached 51.4,versus a median estimate of 51.1.A number above 50 signifies growth in the sector.
The private HSBC/Markit Economics PMI came in at 50.8,which is more than all thirteen analysts surveyed predicted.
This positive result was tempered by the fact that large companies drove the uptick;small ones didn't do so well.The HSBC survey also revealed a contraction in employment and slower restocking.A Bloomberg News survey of economists in November showed that most of them felt China's growth would slow to 7.5% in 2014,which meets the governments's goal,but would be down from 7.6% this year.*
China announced that it would allow the restart of initial public offerings.This drove the Shanghai Composite Index down,for fear the that the IPOs would siphon funds from the rest of the market.Asian stocks were mixed overall in early Monday trading,with the Nikkei down 0.4%,while the Hang Seng rose 0.44%.*
Northern Ireland's Rory McIlroy prevented Australian Adam Scott from sweeping all three Australian majors on Sunday as he took the Emirates Australian Open with his eighteen under par 66.It was the former World Number One's only win of the 2013 season;he was ranked sixth this year behind leader Tiger Woods.Scott had won the Australian PGA Championship and the Australian Masters the past few weeks;but a lackluster fourth round opened the door to McIlroy,whose game has been sharpening recently,after a mediocre season in which he had scored six top ten finishes,but no victories.*
I wanted to get a win by the end of the season,McIlroy said,but more satisfying was to take one the best golfers in the world down the stretch and come out on top.I've been building confidence for a few weeks now.I worked hard.I put the hours of practice in,and I feel that I've really found something.*
Scott had become the first Australian to ever win the victor's green jacket at the US Masters in April,making him a national hero.*

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