United Kingdom manufacturing hit a four-month high in August

China official Manufacturing and Non-manufacturing PMIs(August) coming up today - preview

The UK manufacturing sector expanded at the fastest pace in four months in August driven by new orders, amid broad based expansion across all product categories.

The Nikkei India Manufacturing Purchasing Managers' Index (PMI) rebounded to 51.2 in August from a low of 47.9 in the previous month, indicating a substantial turnaround from July's contraction amid confusion over the new GST (Goods and Services Tax) regime.

"(The) survey showed growth moving broadly sideways, maintaining the recent positive trend of improvement in the health of the manufacturing sector", said Paul Smith, senior economist at IHS Markit, which compiles the survey.

Manufacturing output declined to 54.3 from 56.3, though some survey respondents reported having a greater number of projects in the pipeline.

New orders rose for the 33rd consecutive month, while strong demand in Asia helped new export business to rise at its fastest pace since May 2010.

ADP employment data for August estimated private-sector payrolls rose by 237,000 compared a consensus estimates of 185,000.

Overnight, the dollar continued its comeback from a two-and-a-half-year slump, buoyed by a pair of economic reports that topped economists' forecasts, raising investor expectations for solid third-quarter economic growth.

The job market saw its thirteenth straight month of growth, with August marking the quickest rate of increase since June 2014. Both input costs and output prices rose further, with the latter hitting an eight month high, according to Zhong.

While remaining elevated, United Kingdom inflation unexpectedly eased from 2.9% to 2.6% in July.

The International Monetary Fund (IMF) also stood pat on its view that India's GDP will pick up and grow at a rate of 7.2 percent in 2017-18.

Prime Minister Narendra Modi's shock move last November to scrap high-value banknotes late past year has continued to weigh on overall economic activity.

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