China industrial growth pace slows
Annual growth in China’s industrial output slowed to 16.7 per cent in July from the 19.5 per cent jump in June, government data showed.

The median forecast of economists polled by Reuters was for a rise of 19.2 percent, but most economists said the pace of industrial output growth was still healthy, indicating little risk of a sharp downturn in the world’s fourth-largest economy.
Industrial output for January through July was up 17.6 per cent over the same period last year, the National Bureau of Statistics said.
“I think the slowdown is a result of the government’s macro-economic controls, indicating recent monetary tightening and administrative measures are taking effect,” said Xiao Minjie, economist at Daiwa Institute of Research in Shanghai.

India slowdown
Growth in Indian manufacturing fell to its lowest in four months in July as output expansion and new orders growth eased from the hot pace of the previous three months, a purchasing managers’ survey showed.
But, overall, manufacturing remained strong, with the main index at 55.8 in July versus 56.8 in June, and factory gate prices continued to rise – albeit at a tamer pace than June – as firms were able to pass on higher costs to clients. The survey, compiled by UK-based NTC Research and sponsored by ABN AMRO, tracks changes in manufacturing business conditions by polling 500 companies each month on output, new orders, employment and prices.
PMI readings above 50 signal an improvement in business conditions while readings below 50 show a deterioration. The seasonally adjusted output index was at 59.3 in July, down slightly from 60.9 in June, while the new orders index inched down to 60.2 in July from 62.1 in June and 63.6 in May, the highest since October last year.