Good news from China and Australia eases global recovery fears

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An index of manufacturing activity in China, where anything above 50 represents expansion, rose from 51.2 in July to 51.7 in August — its first gain in four months.

Hongbin Qu, chief economist for China at HSBC, said: "This confirmed our long-held view that China is moderating rather than melting down."

The Australian economy grew by 1.2% in the second quarter of the year as demand from China and elsewhere in Asia boosted exports of iron ore and other commodities.

It is feared a slowdown in China — the world's fastest-growing economy — will hit global recovery.

Shen Jianguang, an economist at Mizuho in Hong Kong, said: "China's economic activity is decelerating, albeit gradually, on the way to a soft landing."