It seems that black clouds are again over China. The world’s second economy saw its manufacturing activity slow down in April more than expected, raising fears that the highly-anticipated recovery was not strong enough. The drop in the China’s manufacturing PMI in April awoke fears that the slowdown in the China’s economy would also be witnessed in the second quarter.
China’s exports increased in November slower than initially estimated, with growth in imports dropping to zero, the government said on the 10th of December. Data is certainly a cold shower after weekend results which suggested that the world’s second economy is recovering from a slowdown.
On the 1st of December, the National Bureau of Statistics released data on PMI in China which proves that the Chinese economy is showing signs of recovery. According the findings, the China’s PMI was 50.6 in November, up from 50.2 in October. Basically, the figures point out that the China’s economy is recovering after a slowdown.
BHP Billiton, the top global miner, informed that its Olympic Dam cooper expansion project was delayed. BHP officials added that no major projects would be approved in a year to June 2013. BHP called off one of its “mega projects” called Olympic Dam, which had aimed to expand the company’s copper-uranium development is South Australia as it has to face increasing capital costs.