China’s non-manufacturing industries expanded at the slowest pace in more than a year, as export orders declined and weakness in real estate countered strength in retailing and leasing, an official survey indicated.
The purchasing managers’ index fell to 55.2 in May from 56.1 in April, the National Bureau of Statistics and China Federation of Logistics and Purchasing said yesterday in Beijing. That’s the lowest reading since March 2011 when the federation started seasonally adjusting the data.
The report adds to evidence that the world’s second-biggest economy is weakening as Europe’s debt crisis crimps demand and government curbs on the property market feed through to more industries. JPMorgan Chase & Co. has cut its full-year economic growth forecast for China twice in a month and now estimates an expansion of 7.7 percent, down from 9.2 percent in 2011.
Saudi banks deposits grow to SR 1.1 trillion
A study conducted by the economic unit at the newspaper on the volume of call deposits and saving in Saudi banks listed in stock markets found out that the first category, call deposits form the high
Dubai rallies to 4-year high
Dubai’s benchmark stock index rose to its highest close since October 2009, propelled by property and banking sectors to underscore the resounding resurgence in investor optimism.
Saudi oil exports fall in March
Saudi crude exports fell to 7.42 million barrels per day (bpd) in March, 34,000 bpd less than in February, as Saudi power sector oil use rose and output edged lower, official figures released via the