Tough quarter for US and China

Manufacturing in the United States had its weakest quarter in three years while China's economy continued to lose momentum according to data yesterday that sheds more light on the difficulties facing global policymakers.

The US manufacturing sector closed out its worst three months since the third quarter of 2009 in September, according to Markit.

Export orders fell for a fourth month running as demand from Europe and Asia faded, with September's slide the steepest in nearly a year.

Meanwhile, export-driven Asian economies also struggled.

The China HSBC manufacturing PMI inched up in September to 47.8 from August's nine-month low of 47.6, suggesting that the world's second-largest economy is on track for a seventh quarter of slowing annual growth.