Business this week

Posted: October 5, 2012 in economy
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Everything to play for

The yuan strengthened to 6.285 against the dollar, the near-highest since China introduced its modern currency regime in 1994. A strong yuan hurts Chinese exports and may spur the authorities in Beijing, faced with a slowing economy, to intervene.
Global manufacturing remained subdued in September, with purchasing-managers’ indices weak in many countries. China saw its PMI nudge up to 47.9, from 47.6 a month earlier. (Anything below 50 implies a contraction.) The euro zone’s index has now been languishing for 14 months in a row. In France it plummeted from 46.0 to 42.7, one of the sharpest monthly drops since the survey began in 1998.
Things looked cheerier in American factories, where the ISM index of manufacturing activity beat expectations and crept up to 51.5, ending three consecutive months of contraction.
New car sales in America rose by 12.8% in September compared with a year earlier, to an annualised 14.9m vehicles, the zippiest rate since March 2008. Toyota and Honda led the way: their American sales soared by 42% and 31% respectively. Chrysler’s sales rose by 12%.
Tesco reported a 11.6% drop in pre-tax …

via Economic Crisis http://www.economist.com/node/21564269?fsrc=rss

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