Profits at Chinese industrial firms rose 28.2% year-on-year in October to 642.91 billion yuan, official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic. Profits rose for a sixth straight month in October, after increasing by 10.1% year-on-year in September, the data from the National Bureau of Statistics showed.
Vaccines against COVID-19 will take some steam out of the market for hygiene products, but demand will remain above pre-pandemic levels as frequent hand-cleaning is here to stay, an executive at Ecolab (ECL), a leading firm in the sector, said on Thursday.
Formal job creation in Brazil surged to a record high in October, figures showed on Thursday, as the dominant services sector roared back to life to account for around 40% of new jobs. A net 394,989 formal jobs were created in October, the economy ministry said, marking the fourth month in a row of gains and significantly more than the 233,500 forecast in a Reuters poll of economists.
European shares inched higher in early trade on Thursday, but gains were limited as an extension of coronavirus restrictions in Germany and grim economic growth forecasts for the United Kingdom dented sentiment. The pan-European STOXX 600 rose 0.1%, with tech and healthcare sectors leading gains.
Japanese shares closed at a more than 29-and-a-half-year high on Thursday, as tech shares tracked overnight advances on the U.S. Nasdaq, but worries over latest coronavirus restrictions at home hindering economic recovery capped gains. The Nikkei share average ended up 0.91% at 26,537.31, its highest closing level since April 1991.
Britain's government will pause pay rises for public sector workers except those in the health service and on lower incomes, finance minister Rishi Sunak said on Wednesday, describing the measure as a way to target those "who need it most".
Britain's government will pause pay rises for public sector workers except those working in the health service and those on lower incomes, finance minister Rishi Sunak said on Wednesday. "What this means ... is that while the government is making the difficult decision to control public sector pay, the majority of public sector workers will see their pay increase next year.
* UK to borrow 394 bln pounds in 2020/21 fiscal year. * Sunak says economic emergency is just beginning. * Many public sector workers face pay freeze. * Overseas aid spending cut by 3 billion pounds. By William Schomberg and David Milliken.
British Prime Minister Boris Johnson said on Wednesday his government would be responsible in its approach to public finances when asked whether he would cut public sector pay in a one-year Spending Review.
China's strong construction machinery sales are expected to continue until at least early next year but could be hobbled by any slowdown in Beijing's recent infrastructure investment drive, industry executives said.
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