UK Construction Growth At 5-Month High

Hong Kong PMI up slightly in November

Readings below 50 indicate contraction in activity.

That is according to the latest IHS Markit/CIPS UK Services PMI survey, which shows that business growth also slowed in November as firms continued to report high operating costs.

IHS Markit's purchasing managers' index for the services sector fell to 53.8 in November, down from 55.6 in October and below expectations of 55.

Economists polled by The Wall Street Journal were expecting 55.1.

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But Chris Williamson, chief business economist at IHS Markit, said the upbeat figures from the other sectors of the economy last month should help offset the services slowdown.

New orders received by Chinese services providers rose at the fastest rate in three months in November, with a number of firms attributing increasing sales to new client wins and promotional activities, the survey showed. "The survey data are so far consistent with the economy growing at a quarterly rate of 0.45 per cent in the closing months of 2017".

Bolstered by the improvement in the service sector, the Caixin China Composite Output Index, which covers manufacturing and service companies, rebounded to 51.6 from October's 16-month low of 51. Business activity climbed at one of the greatest extents seen over the past six-and-a-half years.

Duncan Brock, director of customer relationships at the Chartered Institute of Procurement & Supply (CIPS), said: "Businesses could no longer fight against the tide of higher prices for food, fuel and salaries as input cost inflation remained close to its strongest for six years".

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