China factory activity picks up in November

Factory activity in China picked up in November, according to figures released on Friday.

The Caixin/S&P Global manufacturing purchasing managers' index rose to 50.7 in November from 49.5 in October. This was above the 50.0 level that separates contraction from expansion and marked the fastest expansion in three months.

However, it contrasts with the official manufacturing PMI released on Thursday, which nudged down to 49.4 from 49.5.

Capital Economics said: "At face value, the average of the two is consistent with factory activity remaining largely unchanged last month.

"But that may not be the case in practice - the hard data have held up better than survey-based measures lately."