Factory Data Point To Steady Expansion

Two gauges of Chinese factory output suggested that ongoing fiscal stimulus and rising real-estate sales propped up economic growth in November, though more of the benefit is flowing to state companies.

China's official manufacturing purchasing managers index rose to 51.7 last month from October's 51.2, the National Bureau of Statistics said Thursday. The index has remained above the 50 mark separating expansion from contraction for four straight months.

A competing gauge, the private Caixin PMI, fell to 50.9 in November from 51.2 in October, which was a two-plus year high. Economists say the official data tend to better reflect conditions at large state-owned companies, while the Caixin measure tend to track smaller, private firms.

--Mark Magnier


Putin Appoints Economy Minister

The Kremlin named a new economy minister on Wednesday, after the official occupying the post was charged with corruption and put under house arrest earlier in November.

In a televised meeting, Russian President Vladimir Putin congratulated Maxim Oreshkin, formerly Deputy Finance Minister, on his new post.

Former Economy Minister Alexey Ulyukayev was detained and accused of accepting a bribe of $2 million for the privatization of a midsize oil company in October. The arrest was the highest-profile detention of a sitting government official since Mr. Putin came to power in 2000.


Eurozone Bailout Fund Proposes Debt Relief

Confidential proposals drawn up by the eurozone's bailout fund could reduce Greece's debt load by about a fifth in 2060.

A six-page document, dated Nov. 25 and seen by The Wall Street Journal, was produced by the European Stability Mechanism, the Luxembourg-based eurozone bailout fund.

The paper proposes to ease Greece's debt load by extending some maturities and locking in the interest on some of Greece's loans.

The cumulative impact of these measures in 2060 would cut the ratio of debt to gross domestic product by 21.8 percentage points.

A eurozone analysis in May projected debt-to-GDP of 104.9% in 2060, under a baseline scenario in which Greece implements its bailout program.

An ESM spokesman said the document hasn't yet been endorsed by eurozone finance ministers and would be discussed at their next meeting on Dec. 5.

--Viktoria Dendrinou

(END) Dow Jones Newswires

December 01, 2016 02:48 ET (07:48 GMT)

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