Longwei Petroleum (fka LPIH)

[rru2s]

China Oct Official PMI to Confirm Recovery Trend

China's factory activity likely accelerated in October to its fastest pace in five months, according to a new Reuters poll that reveals a growing certainty of recovery taking hold in the world's second-biggest economy.

The poll of 14 economic analysts forecasts that China's official purchasing managers index (PMI) rebounded to 50.3 in October from 49.8 in September, a reading that suggests factory output is accelerating again after two months of slowing growth.

"I think the October PMI will help support our expectation for a better economic performance in the fourth quarter than in the third," said Wang Jin, a macro economic analyst at Guotai Junan Securities in Shanghai.

"Signs of a stabilizing external demand, faster infrastructure investment and a thawing property market all bolster a recovery in factory activity," he added.

The 50-point line demarcates expanding from contracting activity in PMI survey methodology.

In China's economy, where industrial output grew at a 9.2 percent annual pace in September, the rise above 50 suggests an acceleration of output that will help lift fourth-quarter GDP growth above the 7.4 percent annual rate achieved in the third quarter.

http://www.cnbc.com/id/49605003