Activity fell again in November as levels of incoming new work declined.
Asian stocks jumped higher and the price of crude oil rose on Monday, as investors increased their bets that China would reopen to the world early next year after Beijing eased its growth-dampening zero-Covid policies. Hong Kong’s Hang Seng index climbed as much as 4.5 per cent and has risen more than 17 per cent in the past month, while China’s CSI 300 index added 2 per cent after several cities across the country relaxed antivirus measures. The renminbi rose almost 1 per cent against the greenback to Rmb6.955 per dollar, the highest level since September.
Oil prices rose after the European Union and the G7 agreed on a boycott of most Russian oil and a price cap of $60 per barrel on Russian exports.