Three Cheers

India's manufacturing and infrastructure sectors are on a recovery path.
Manufacturing activity grew at its fastest pace in four months in July , government data on eight core industries revealed a 5.2% expansion in June, compared with 2.8% in May and 3.1% in the year-earlier month.
The seasonally adjusted Nikkei India Manufacturing Purchasing Managers Index edged higher in July, to 51.8 from 51.7 in June, led by higher sales, new orders for consumer goods and exports encouraged by the rupee's depreciation.
A reading above 50 indicates expansion, while a number below shows contraction.
The trend was reaffirmed by the core sector, which has a 38% weight in the Index of Industrial Production.
Coal output grew the fastest at 12%, a 19-month high, followed by cement that posted 10.3% growth in production.
The positive data are likely to reflect in the June IIP numbers, set to be released next week by the government's statistics office.
Crude oil and natural gas were the only two sectors where production declined in June, by 4.3% and 4.5%, respectively.
Refinery production increased 3.5% and steel output grew 2.4%.Electricity production expanded 8.1% in the period.