Global Trade And Economic News: China Cuts Crude Steel Production
According to news reports and government statistics:
- China’s production of crude steel fell in July by the widest year-over-year margin since the 2008 global financial crisis, and indicators suggest output might have fallen again in August. The Wall Street Journal has more here.
- Reuters reported that German industrial orders unexpectedly surged in July, hitting a post-reunification high and pointing to a solid start to the second half of 2021. Orders rose due to demand from abroad.
- According to the J.P. Morgan Global Manufacturing purchasing managers’ index, the upturn in the global manufacturing sector lost momentum in August as rates of output growth decelerated in several major market, including Asia and the United States. The PMI fell to a six-month low of 54.1 in August. Out of the 31 nations for which August data were available, 21 registered PMI readings above the neutral mark of 50 while 10 signaled contraction. China, Russia, and Mexico were among the nations recording a sub-50 reading. Read the full report here and find PMI readings for all reporting countries here.