• Business News Digest Friday, 1 Aug 2014 | 1:37 PM ET


  • LONDON, Aug 1- Copper dipped on Friday after Chinese data showing manufacturing growth was not enough to outweigh prospects for slowing economic growth and a weaker-than-expected U.S. jobs report.

  • Copper was at $7,079 a tonne at 1048 GMT, down 0.5 percent on Thursday's close despite data showing expanding factory activity in China, the world's biggest consumer of the metal.

  • BANGALORE/ SYDNEY, Aug 1- Manufacturing activity in China and most of Asia gathered pace in July as firms responded to burgeoning new orders by raising output, hinting at a revival in global trade, although euro zone factories barely managed to chug along. The HSBC/ Markit measure also rose to 51.7, an 18- month peak.

  • BEIJING, Aug 1- U.S. public relations firm Edelman said on Friday it did not know the whereabouts of its China chief, who has been helping Chinese authorities with an unspecified investigation.

  • HONG KONG, Aug 1- China shares fell in late action on Friday as investors braced for more volatility in global markets ahead of U.S. jobs data. The CSI300 of the leading Shanghai and Shenzhen A-share listings fell 0.9 percent.

  • Macau casino revenue falls for 2nd straight month Friday, 1 Aug 2014 | 2:42 AM ET

    HONG KONG— Casino revenue in the global gambling mecca of Macau fell for a second straight month in July as Chinese high rollers stayed away because of Beijing's corruption crackdown. Wealthy Chinese have powered Macau's boom but analysts say some are avoiding the city as the ongoing corruption clampdown discourages lavish spending.

  • SYDNEY, Aug 1- Asian shares were mostly under water on Friday after a sudden slump on Wall Street spilled over globally, though a surprisingly strong pick up in manufacturing helped Chinese markets hold at seven-month highs.

  • Yuan barely changed, set to rise 0.2 pct on week Friday, 1 Aug 2014 | 1:36 AM ET

    SHANGHAI, Aug 1- China's yuan was flat against the dollar on Friday after the central bank set its official midpoint barely changed from the previous day and it was set to show a marginal gain on the week.

  • China Overseas Grand Oceans tumbles on disappointing H1 results. HONG KONG, Aug 1- Hong Kong shares fell on Friday as a month-end swoon on Wall Street hurt sentiment, while China markets eked out slim gains on signs of a pick-up in manufacturing activity on the mainland. The China Enterprises Index of the top Chinese listings in Hong Kong fell 0.9 percent.

  • SYDNEY, Aug 1- Activity in China's vast factory sector expanded at the fastest pace in 27 months in July, while industry surveys across Asia showed a pick up in export orders that hinted at a long-awaited revival in global trade. The upbeat result was echoed in the HSBC/ Markit China measure of manufacturing which climbed to an 18- month peak of 51.7, from June's 50.7.

  • Evacuees return after Taiwan gas explosions Friday, 1 Aug 2014 | 12:12 AM ET

    KAOHSIUNG, Taiwan— At least 25 people were killed and 267 injured when underground gas explosions ripped through Taiwan's second-largest city, hurling concrete and cars through the air and blasting long trenches in the streets, authorities said Friday, as they searched for the cause.

  • A separate PMI published by HSBC/ Markit also rose to 51.7, its best performance in 18 months. Now that looser monetary policy is having its intended effect, some analysts questioned the need for more economic stimulus in China, at least in the near term.

  • Survey: China manufacturing at 27-month high Thursday, 31 Jul 2014 | 9:57 PM ET

    A separate PMI by HSBC, also released Friday, was revised down to 51.7 from its preliminary reading of 52, but still the strongest rate of improvement in a year and half.

  • China PMI readings indicate recovery: HSBC     Thursday, 31 Jul 2014 | 9:45 PM ET

    Frederic Neumann, MD & Co-Head of Asia Economic Research at HSBC, compares the bank's final PMI reading for July to the bank's flash estimate and Beijing's official figure.

  • SYDNEY, Aug 1- Asian shares pared losses on Friday as data showing a surprisingly strong pick up in Chinese manufacturing helped take some of the sting out of a slump on Wall Street.

  • *July official PMI at 51.7, highest since April 2012. BEIJING, Aug 1- Activity in China's vast factory sector expanded at the fastest pace in 27 months in July on stronger demand, a government survey showed, adding to evidence that the economy is regaining momentum after a burst of government stimulus measures.

  • Don't get too excited about China PMI: Citi     Thursday, 31 Jul 2014 | 9:09 PM ET

    Johanna Chua, Chief Economist, Asia Pacific at Citi, warns not to get too excited about China's factory data as it was largely priced in. She warns that the U.S. jobs report will be a bigger market risk.

  • *Gold melts to a 6- week low, oil hits 4- month trough. SYDNEY, Aug 1- Asian shares stumbled on Friday after a month-end swoon on Wall Street, though some were hoping China would offer better news on manufacturing and help steady investor sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5 percent.

  • SINGAPORE, Aug 1- DBS Group Holdings, Singapore's biggest bank, on Friday said second-quarter net profit climbed 9 percent, beating expectations with the help of 10 percent growth in loans. The result meant Southeast Asia's biggest lender, which earns most of its profit from Singapore and Hong Kong, achieved a record first-half net profit of S $2.2 billion.