by Martin Armstrong
China’s factory activity extended solid growth in September, a private survey showed as the nation’s crucial exports engine revved up on improving overseas demand and underlined a steady economic recovery from the coronavirus shock. The official manufacturing Purchasing Manager’s Index (PMI) rose to 51.5 in September from 51.0 in August, according to data from the National Bureau of Statistics (NBS) on Wednesday, remaining above the 50-point mark that separates growth from contraction for the seventh month. The official PMI, which largely focuses on big and state-owned firms, also showed the sub-index for new export orders stood at 50.8 in September, improving from 49.1 a month earlier and snapping eight months of declines.
Abu Dhabi state fund Mubadala Investment Co is in advanced talks to invest up to $1 billion in the retail division of India’s Reliance Industries Ltd. as investor interest in the Indian company surges, Reuters reported. Reliance Retail is on a fund-raising spree and has secured around $1.8 billion in the past few weeks from KKR & Co and Silver Lake Partners.