Hong Kong — Growth in China’s manufacturing output slowed in October, threatening to chill activity across Asia, as tough steps to reduce air pollution forced factories to reduce production and a crackdown on financial risk-taking weighed on smaller firms. While business surveys on Wednesday suggested Asia’s export-driven expansion still has legs, the readings are starting to reflect signs of fatigue after an impressive sprint so far this year, suggesting regional economic growth has peaked. Still, barring any unexpected shocks, most analysts polled by Reuters expect the global economy will remain on a roll for one more year, even if China sees a gradual loss of momentum. In the West, similar preliminary surveys last week looked solid enough not to derail plans by the Federal Reserve to gradually reduce its balance sheet and by the European Central Bank to slow bond buying. The Bank of England may raise interest rates for the first time since 2007 on Thursday despite the Brexit shoc...
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