UK factories start stockpiling again before new Brexit deadline - PMI

China urges 'calm and rational' resolution to U.S.-Sino trade war

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

"We expect that the slowdown in the manufacturing index will eventually spill over to the broader economy, and this latest drop in manufacturing ISM index points to even more downside risks for the upcoming non-manufacturing ISM index, which is due to be released on Thursday", read a note to clients from two NatWest Markets economists, Michelle Girard and Kevin Cummins. "It appears that firms are losing hope of there being an end in sight for the US-China trade war, which looks to be dampening export orders at an accelerated pace in the Philippines", he added.

For the Philippines, its Purchasing Managers' Index (PMI) fell fractionally from 51.9 in August to 51.8 in September, signaling a moderate and weaker-than-average improvement in operating conditions across the manufacturing sector.

But output still shrank, with figures below 50 on the index, by IHS Markit and the Chartered Institute of Procurement & Supply (CIPS), indicating a decline in trading conditions.

Concurrently, new export orders moved closer to stagnation, with September seeing only a fractional upturn in worldwide sales that was the weakest in the current run of growth.

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Manufacturing production continued to contract in September, as companies cut back output in response to a further reduction in new order intakes. The headline index for the eurozone was 45.7, its lowest since October 2012.

India's economic growth has slumped for the fifth straight quarter to an over six-year low of 5 per cent in the three months ended June as consumer demand and private investment slowed amid deteriorating global environment. The headline index has now remained below the neutral 50.0 mark for five successive months, its longest sequence below that mark since mid-2009.

Seamus Nevin, chief economist at manufacturing body Make UK, said: "Were it not for the emergency stockpiling activities that took place ahead of our original European Union exit date last March, the UK manufacturing sector would already be in recession".

"However, while businesses generally remain upbeat about expanding production over the coming year, September saw some loss of optimism. This should support businesses in the midst of a hard export climate", he further said.

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