View source for GLOBAL ECONOMY-Asian Factories Recover Further From COVID-19 Crisis...

<br>By Leika Kihara<br> <br>TOKYO, Dec 1 (Reuters) - Asian factories recovered further in November from the COVID-19 crisis, surveys showed on Tuesday, thanks to a boom in economic powerhouse China which has enabled the region to withstand the pandemic better than many of its peers.<br> <br>China's factory activity accelerated at the fastest pace in a decade in November, a private sector survey showed, a sign the world's second-largest economy is rebounding to pre-pandemic levels.<br> <br>But a global resurgence in coronavirus infections has made the outlook highly uncertain, keeping governments and central banks under pressure to maintain or ramp up their massive stimulus programmes,  [https://www.kynghidongduong.vn/blog/du-lich-bali-tuyet-voi-nhu-the-nao.html du lịch ba li] analysts say.<br> <br>PMI surveys for other regions due later on Tuesday are expected to show a continued recovery in factory activity in the euro zone, while U.S.<br><br>manufacturing activity is seen expanding but at a slower pace.<br> <br>"There is little sign that large second waves of the virus in the U.S. and Europe have weighed on Asia's export-focussed industry, suggesting that external demand will continue to hold up," Capital Economics said in a research note.<br> <br>China's Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) rose to 54.9 from October's 53.6, marking the highest level since November 2010.<br> <br>The gauge stayed well above the 50-level that separates growth from contraction for the seventh consecutive month.<br><br>It was also in line with an official survey that showed activity at Chinese factories expanded at the fastest pace in more than three years in November.<br> <br>A [http://www.msnbc.com/search/steady%20recovery steady recovery] in global demand also helped Japan's [https://www.academia.edu/people/search?utf8=%E2%9C%93&q=factory%20activity factory activity] move a notch closer to stabilisation in November, and that of South Korea to accelerate at the fastest pace in nearly a decade.<br> <br>"Overall, it looks likely that Asian industry will remain strong over the coming months, helping economic recoveries to stay on track," Capital Economics said.<br> <br>Asia's performance comes as many countries in the region have had greater success in containing the virus than their U.S.<br><br>and  [https://www.kynghidongduong.vn/blog/du-lich-bali-tuyet-voi-nhu-the-nao.html du lịch ba li] European peers.<br> <br>China's economy is seen increasing 1.9% this year, while the U.S. economy is expected to contract 4.3% and euro zone economies by 8.3%, according to the International Monetary Fund's estimate in October.<br> <br>PATCHY RECOVERY<br> <br>The surveys on Tuesday showed factory activity also grew in Taiwan and Indonesia, a sign the pick-up in Chinese demand was underpinning the region's economy.<br> <br>The final au Jibun Bank Japan Manufacturing PMI hit 49.0 in November, up from the previous month's 48.7 and a preliminary 48.3 reading.<br> <br>South Korea's IHS Markit PMI rose to 52.9 in November from 51.2 in October,  [https://www.kynghidongduong.vn/blog/du-lich-bali-tuyet-voi-nhu-the-nao.html kynghidongduong.vn] the highest reading since February 2011 and marking the second month of activity expansion.<br> <br>But India's manufacturing recovery faltered in November as coronavirus fears weighed on demand and output, prompting firms to cut jobs for the eighth month in a row.<br> <br>That underscored the patchy nature of Asia's outlook, with some analysts still cautious on the outlook with global and domestic demand vulnerable to infection trends.<br> <br>"Japan's economy likely slowed in July-September but averted a contraction due to a pick-up in exports and the effect of government campaigns to prop up demand," said Takeshi Minami, chief economist at Norinchukin Research Institute.<br> <br>"But the economy may contract in January-March if households hold off on spending again. If service-sector firms suffering from plunging sales cut spending, that could hit jobs and capital expenditure." (Reporting by Leika Kihara; Editing by Ana Nicolaci da Costa)<br>