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A look at economic developments and activity in major stock markets around the world
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A look at economic developments and activity in major stock markets around the world Monday:
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SHANGHAI — China's purchasing managers index expanded for the eighth straight month in October to 55.2, adding to further signs the recovering economy is on firmer ground, a survey by a government-sanctioned industry group said Sunday.
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LONDON — U.K. manufacturers are increasingly optimistic about the recovery of the British economy, which is still mired in recession, a survey showed Monday.
October's Purchasing Managers Index for the manufacturing sector stood at 53.7, marking the first time since November 2007 there were more respondents seeing an improvement in business than a decline. Any figure above 50.0 indicates a net increase in activity.
New orders hit a 69-month peak, though the Chartered Institute of Purchasing & Supply said that was measured against weak comparables.
In European markets, Britain's FTSE 100 index of leading British shares closed up 1 percent, while Germany's DAX rose 0.3 percent and the CAC-40 in France was 0.9 percent higher.
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TOKYO — Japan's key Nikkei 225 stock average led Asian declines, down 2.3 percent, while Hong Kong's Hang Seng index lost 0.6 percent, Australia's S&P/ASX 200 was down 2.2 percent and South Korea's market dropped 1.4 percent.
Benchmarks in New Zealand, Taiwan and Singapore also fell.
The Shanghai Composite index was the only major market in positive territory, up 2.7 percent on stronger manufacturing figures and higher bank earnings.
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LONDON — State-controlled Royal Bank of Scotland Group PLC said European Union regulators will require it to sell more assets than originally expected, part of an industry shakeup announced by the government this weekend.
Treasury chief Alistair Darling on Sunday said all three banks rescued by taxpayer money — Lloyds Banking Group, Northern Rock PLC and RBS — would divest units.
The bank gave no details about what parts of its business it might be forced to sell. It was already expected to sell branches in England under the revived Williams & Glyn's name.
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HONG KONG — Hong Kong officials said they have tightened regulation of complicated investment products after thousands of local retail investors were burned by Lehman Brothers-backed derivatives last year.
But lawmakers said the new measures fall short, and urged the government to prosecute banks that misled investors and to ban some risky products outright.
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FRANKFURT — The monthly purchasing managers index — a broad gauge of business activity — for the 16-country euro area rose to 50.7 from September's 49.3. Any reading above 50 indicates that the sector is growing.
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