(…) HSBC’s PMI readings were strongest in India, where the index rose to 52.9 in October from 52.8 in September, and Indonesia, which rose to 51.9 from 50.5. (…)
Export data released Thursday also showed some improvement. South Korea’s exports rose 1.2% in October from a year earlier, their first improvement in four months and well above expectations. That comes a day after data showed Korea’s September factory output growing for the first time in four months.
Indonesia also posted strong export numbers, with September exports rising 13.21% from the prior month and its trade surplus widening more than expected to $550 million. (…)
Still, improvement across the region wasn’t uniform. The contraction in Vietnam’s manufacturing sector continued for a seventh month and even accelerated in October, as companies cut output and orders declined.
Vipshop Holdings Ltd. unloads unwanted inventory from domestic and global clothing brands at a discount to Chinese consumers. Unfortunately for the global apparel industry, the company’s business has never been better.
More than 3,000 brands have turned to Vipshop this year to peddle clothing they couldn’t sell, up 58% from a year earlier, says Yang Donghao, Vipshop’s chief financial officer. Second-quarter sales more than tripled to $135.3 million from a year earlier, edging the four-year-old company closer to posting a profit. (…)
Nike Inc. last month said China sales were weakening, and VF Corp., which makes such brands as Lee jeans, The North Face outdoorwear and Timberland boots, said it has increased discounts on some products. (…)
Chinese brands have borne the brunt of the slowdown. Inventory for Shanghai Metersbonwe Fashion & Accessories Co. rose to as much as 50% of its total net assets last year, and the company’s shares have dropped about 25% this year.
Casual-wear company Giordano International Ltd., which is based in Hong Kong and has roughly 1,350 outlets in China, reported that first-half sales from its China operations fell 4% from a year earlier.
But multinational apparel makers aren’t immune, as Nike showed when the U.S.-based sportswear maker said orders for the fiscal quarter through August slipped 6% in China from a year earlier.(…)
Initial U.S. Jobless Claims Decrease by 9,000 to 363,000 Fewer Americans than forecast filed first-time claims for unemployment insurance last week, an indication demand is strong enough to maintain current staff levels.
The Eurozone retail sector remained mired in a deep downturn at the start of the final quarter of 2012, according to PMI® data from Markit. The current sequence of falling sales revenues was extended to a twelfth month, and the rate of decline accelerated since September.
The Retail PMI fell back from September’s three-month high of 47.1, to 45.3. That signalled a sharp fall in retail sales compared with one month previously, and the latest figure was also below the average for the third quarter (46.0).
The overall acceleration in the month-on- month pace of decline across the Eurozone retail sector reflected stronger falls in both France and Italy. French retail sales have declined for the past seven months, and the latest pace of
contraction was broadly in line with the average seen over the past year. Italy remained by far the worst performer, however, registering another rapid decline that extended the current sequence of contraction to 20 months. Germany bucked the trend, registering a marginal increase in sales for the first time in three months.
Still on the road, limiting posting.