Japan PMI manufacturing rose to 53.1 in October, up from 52.5 and beat expectation of 52.6. Markit noted that “growth of key macroeconomic variables (output, new orders and employment) all accelerate”, and “rates of input cost and output price inflation both quicken to multi-year highs.”
Commenting on the Japanese Manufacturing PMI survey data, Joe Hayes, Economist at IHS Markit, which compiles the survey, said:
“Following a rather disappointing slew of PMI data over the third quarter, Japan’s manufacturing sector looks set to start Q4 on a more upbeat note. The latest survey indicated stronger expansions in all the key barometers of macroeconomic health, with output, new order and employment growth quickening since September. Furthermore, export sales rose for the first time since May, despite several respondents highlighting problems arising from global trade tensions.
“That said, next month’s data will be important to assess whether the latest growth rebound is a transitory response to weakness resulting from recent natural disasters.”
Italy Salvini: No longer be servant of silly EU rules
In Italy, Deputy Prime Minister, leader or eurosceptic League, Matteo Salvini pledged that the country won’t change the 2019 budget despite rejection by the European Commission. He emphasized that “Italians come first” and “Italy no longer wants to be a servant to silly rules.” And he also explained that Italy has to “do the opposite” of previous government to boost growth and lower debt.
European Economic Commissioner Pierre Moscovici said the EU and Italy are “still in a constructive dialogue even if it is within a clear framework… My door is always open and I hope that the Italian government will listen to this message.”