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China Manufacturing Grows as Europe Recovery Signs Build

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China Manufacturing Grows as Europe Recovery Signs Build

Chinese manufacturing resumed expansion this month after shrinking the most in almost a year in July and output at European factories and services companies improved, a sign the global recovery is strengthening.

A preliminary purchasing managers index for China by HSBC Holdings Plc and Markit Economics rose to 50.1 from 47.7, exceeding all 16 estimates in a Bloomberg News survey. A reading above 50 indicates expansion. Manufacturing (PMITMEZ) and services in the euro area also grew more than economists forecast in August, led by Germany.

China’s manufacturing, fueled by domestic demand after Premier Li Keqiang rolled out measures to support growth, indicates the world’s second-biggest economy is strengthening after a two-quarter slowdown. Global central bankers meet this week in Jackson Hole, Wyoming, to discuss the global economy as the Federal Reserve considers winding down the pace of monthly stimulus, a prospect that’s already roiled financial markets.

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